My_question_is: Canadian-specific
Subject: capital gains on raw land
Expert: [email protected]
Date: Wednesday March 07, 2007
Time: 01:41 PM -0500
QUESTION:
I bought a 1/3 acre lot in Powell River in 2005 with the intention of building and retiring there.(Had the lot cleared, paid the services etc. One year later my husband changed his mind so we sold it.
The property was in both our names. Do we have to split the profit 50/50 on our taxes?
His income was $60,000.00, mine was $1200.00
The profit was $15000.00
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david ingram replies:
Everyone I know wanted to buy in Powell River last year.
If you paid the down payment, made the payments, and also paid for the services, it would all be yours. If your husband made all the paymnets, it is his. If you did it sort of half and half, it can be split.
Maybe it should be 1/3 / 2/3rds
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