Jump to content
Français
Search In
  • More options...
Find results that contain...
Find results in...

Principal Residence Exemption Reporting - sale of 50% interest


Apples
 Share

Recommended Posts

In 2017 I purchased a principal residence.  In 2021, I transferred a 50% interest in the property to my friend. The property is now a principal residence for both of us.

Was this transfer a deemed disposition that I need to report?  If yes, do I report the full market value of the property, or just the 50% that was transferred, and claim a principal residence exemption?

For future reporting, when we sell the property at a later date, does the date and value of my original 50% share stay at the 2017 date and value, or is it reset to the 2021 date and value?

Thanks, in advance!

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

×
×
  • Create New...