QUESTION:
Originally bought to live in (it's a retirement condo building--I bought one
unit)Four years ago.
My wife decided she was'nt ready to move in so we rented it out and I am
delclaring the rental income.
What is my tax obligation if I now sell it?
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david ingram replies:
As described, the building would be a rental and investment property subject
to capital gains tax on sale.
That means that 50% of the profit is taxed on line 127 or your tax return
and if in joint tenancy, you would split it with your spouse.
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