Primary residence converted into rental after marriage split then getting back together?
Saturday, January 30th, 2010 at
12:30 am
My wife and I separated in 2007 and moved into a new house each. In 2008 we are back together and we are keeping only one property for living. We want to rent the vacant property for 1-3 years for appreciation in order to generate some profit. We are still trying to rent the property that is vacant for 2 months already. Question: In case we generate a capital loss, would Revenue Canada question it? We would appreciate if you could flag any potential issues and precautions that we should take…
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Tagged with: Capital Loss • New House • Revenue Canada
Filed under: Canada
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Man, that will complicate things. My only recommendation is that you have appraisals done at each step of the process. When you split, when you started renting the house(s), when you got back together. Glad I don’t have to figure out the gains/losses.
For safety, I’d get an accountant involved as well, to make sure you dot all your Is, cross all your Ts.