Quote:
Originally Posted by jinxx123
Thanks again for all the replies
One of the problems with moving into the one bedroom condo is that for a few months we'll essentially be homeless. If our landlords sell the place this fall, we'll get our 30 day notice and be without a place of our own. My wife's family have graciously offered us a room at their place, but they have a large family and a small house. And, to be honest, it would be really nice not to have to move at all.
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I was sure that a landlord must give you 90 days notice, and if they are evicting you to convert to condos or renovate they now have to give you 1 year notice.
Now I'm not an expert on the following subject, but if you sell the rights to your uncompleted condo, doesn't that fall under capital gains? So if I'm right, and you sell it making $50K and get taxed @ 25%, you lose $12.5K by doing it that way. (Somebody please tell me if I'm right or wrong.)