Selling Half A House...Capital Gains?

I'm buying a 2-unit multi next month.

I'm going to immediately flip one unit, as a condo convert, and live in the second.

Does anyone have any idea how, or if, capital gains applies if I'm technically NOT making a profit, selling only half of the house?

All things being equal, I'm assuming they split my original purchase price in half and base any gains on that.

Thanks.
[addsig]

Comments(1)

  • DaveT8th March, 2004

    You are correct. There are no profits to be taxed if you sell the condo unit for no more than half your original purchase price for the entire property.

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