Capital Gains Question
i have bought a property to build a sfr on it was for me to live in at first but it has been taking a lot longer than expected so i bought another house that i am currently living in.. now with the house that is being built i am going to sell it. everyone say i have to pay capital gain taxes on it.. i wanted to know if the taxes are due if the proerty is owned for two years or if it is from two years of the c/o..
It has to be your primary residence for 2 of the previous 5 years to be exempt from paying gains. Up to $250K/single or $500K/married.
In addition to capital gains, you will likely be subject to self-employment tax if you do this even semi-often.
I think townhomes will work anywhere where they are already accepted. I have friends that built townhomes in Regina Sask, and they did really poorly. Main reason is you can purchase a house and land for so cheap, that the idea of being squeezed into a lot with a bunch of other people is ridiculous.