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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Kaye Thomas who wrote (1572)12/9/1998 5:24:00 PM
From: Jason Rooks  Read Replies (1) of 5810
 
Kaye and Colin,
I had a real estate sale fall through recently. The buyer has
forfeited the deposit. We are signing a new contract to close
in March 1999. I know the capital gains tax will be withheld in
Canada in connection with the closing. However, how does one
classify the deposit money (10,000 CD) for 1998? Ordinary income?

Thanks in advance,
Jason
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