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>From Ask an Income Tax Expert at www.jurock.com
My question is: Canadian-specific
QUESTION: My inlaws have lived in a duplex which he built and they own outright. They have rented out one side for more than ten years and recently sold the rented half to the tenents they have every intention of claiming a capital gain, is this necessary? Or can it be lumped into the principal
residence catagory rendering it tax free?
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david ingram replies:
In my opinion, the sale is tax free if he did not depreciate the property. the Fedel Saccamano case in Waterloo, Ontario had him sell a triplex tax free.
Have them contact me with details. The numbers are below.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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