Do I need to split the gains of a property I co-ow...

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New Member

Do I need to split the gains of a property I co-own with my father 50/50 when sold? It was intended for personal use at the time of purchase, but we have not lived there.

As described in the question, this is not a rental property. We intended it to be either a home for personal use for the family. We have had visited but not lived there for prolonged periods of time. Guidance how this property is classified (income/personal use/etc,) and how to reporting the capital gain on our tax returns would be appreciated.

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Moderator

Do I need to split the gains of a property I co-own with my father 50/50 when sold? It was intended for personal use at the time of purchase, but we have not lived there.

  • Please refer to the link below which refers to a spouse but the rules are the same for co-owners.
How do I split capital gains between me and my spouse's tax return? https://turbotax.community.intuit.ca/replies/2647964
  • Here is more information if needed
What are capital gains and losses?  https://turbotax.community.intuit.ca/replies/2647660
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