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Voja

condo owner buying out another condo owner's share

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A stupid question.

Me, my wife, and our son were owners of a condo that was leased and that was reported as it should be.

Now, my son needed money and we bought his share of the condo from him.

How do we report the change in ownership share?

My take is to report this as two condos, one with income+expenses up to the date of sale (Aug 10) or, rather, up to Dec 31 as CA requires, and another condo (which happens to be at the same address) from Aug 10, with its own income+expenses.

Would appreciate very much if anyone could let me know if this is the correct approach ... from CRA's viewpoint, of course.

Many thanks, and stay safe,
Voja

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Hi Voja, he must report the rental income (T776) and enter the percentage of his share and report the sale according to the amount he received. You and your spouse must also report that income and change the percentage of ownership.

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