If my wife and I sell our home which is our principal residence and move into our cottage that we have owned and used for personal use only for 5 years, do we have a deemed disposition on the cottage the day we move it and have to pay capital gains tax on any increase since we've owned it?
Deemed disposition of a cottage
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If my wife and I sell our home which is our principal residence and move into our cottage that we have owned and used for personal use only for 5 years, do we have a deemed disposition on the cottage the day we move it and have to pay capital gains tax on any increase since we've owned it?