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.

N12 · ‎October 30, 2019

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.

TurboTaxLise · ‎October 30, 2019

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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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.

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.

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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.

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.