Selling a second home

[Keith1234]

I have a second home which is presently lived in by my daughter. She is planning to move out. I have a home. I wish to sell the second house. Do I pay tax on the whole selling price, or do I pay only on the amount over what I paid for it? Also do the original refurbishment costs get taken into account.
thanks

[bd6759]

You pay tax on the gain, the difference between sale price and costs.

The costs of enhancing the property are deductible as long as they were capital in nature. Repairs are not alloable costs.