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.
- Please refer to the link below which refers to a spouse but the rules are the same for co-owners.
- Here is more information if needed