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Property occupancy and final closing date
Which year should be considered as the year I purchased a home?
I purchased a new-construction condo unit. The occupancy date of the condo is different than the final closing date. I got my home’s key and moved in last year in April 2022 (occupancy date), but the legal title is transferred to me at a later time this year on the final closing date. In this case, when I file my personal income tax, should it be considered that I acquired a home in year 2022 or in year 2023? Thank you.
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April 23, 2023
12:45 PM
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Investors and rental owners
It goes based on when you actually own the home, so if you are not the legal owner until 2023, then you will report that you acquired the home on your 2023 taxes.
April 29, 2023
3:55 AM