Quote:
Originally Posted by arsenal
I thought you could sell said property before even taking possession and pay off the mortgage, claim capital gains, and be done with it? I could be wrong though.
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Depends on if the purpose is to be done with it or effectively manage money. Sounds like the poster of the thread still has options and is fairly flexible. It's probably best if he lives in it for a year so he can claim it as his primary residence and thus not have to pay capital gains on it at all, and then at that time go out and shop for a new home because the capital gain if he sells it for double ACB will be over $100,000. Pay tax on half of that gain and you're out a lot of money. That's leaving a lot of cash on the table for a quick fix.