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.