have some questions regarding the sale of a property.
In 2018, the clients purchased a property for their daughters.
Purchase Price was $360,100.00
The Daughters were put on title as Joint tenants with 98%
The parents were put on title as Joint tenants with 2%
The daughters lived in the home, and it was their principal residence.
The parents did not live in the home.
In 2023, one daughter was bought out of the property so she could purchase another property.
At the time, the house was appraised for $710,000.00
The other sister and her husband bought her out, and She was removed from the title, and at the time, her dad was as well.
The dad was removed from title with a $2.00 consideration ( for land transfer tax) he did not receive any funds when he was removed.
Currently, the title is
The Daughter and Husband were put on title as Joint tenants with 99%
The mother was put on title as tenants in common with 1%
What is the Best way to report the Capital gain on the father’s return?