AFAIK you pay capital gains on the increase in value while it's being rented only. I have a condo where this will eventually be the case.
As to what that value is at that time, that's a good question. Getting it appraised might be a good idea, I'm not sure what the govt will accept as record of market value at the time.
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Uncertainty is an uncomfortable position.
But certainty is an absurd one.
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