Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
hi |
I have a situation. My client owned a property with her brother in 2019. That was was her principal residence from 2019 until she got married in June 2020. She moved out of the house and living in a rented place with her spouse after marriage. She did not come out of the title yet. She wants to buy a house with spouse sometimes in 2021. |
She is not eligible for MTG since she is still in title and may be no mtg obligation since her bro wants to take over the mortgage balance. |
My question is - since she moved out in june 2020 and does not live there anymore- do I have to file T2091 as deemed sale -in 2020. Or wait until she buys the property and comes out of title from the PR she had and file in 2021 ? I need help. Thanks |
Thanks |
Solved! Go to Solution.
Hi Maragatham, I see no reason for a deemed sale. And there appears to be no actual sale either. Once she is removed from title and a sale of her half occurs then the schedule 3 will be completed and she will report the years that she used the house for PR. She might want to get a valuation ASAP of the house as at the time she moved out.
Mike.
thx
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.