I have a rental property with co-owners and plan to buy out some of the co-owners in the future. How would this transaction be treated for tax purposes?
I own a rental property with my spouse and parents (everyone has 25% ownership) In 5 years my spouse and I plan to buy out my parents' share so that my spouse and I own 50% each. How is this transaction treated for tax purposes for all of the parties involved?
I have a rental property with co-owners and plan to buy out some of the co-owners in the future. How would this transaction be treated for tax purposes?
You will increase the Adjusted Cost Base (ACB) of your ownership based on the purchase price of the remaining owners share and the seller will have either a Capital Gain or a Capital Loss.
I have a rental property with co-owners and plan to buy out some of the co-owners in the future. How would this transaction be treated for tax purposes?
You will increase the Adjusted Cost Base (ACB) of your ownership based on the purchase price of the remaining owners share and the seller will have either a Capital Gain or a Capital Loss.
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