Woman purchased principal residence in 2013 for $100k - Sold early 2024 for $264K
Man purchased a principal residence in 2019 for $375k - Sold Oct 2023 for $595k
Purchased a different home together - Nov 2023
Other facts:
-Common law Oct 2021 & Married April 2022
-Woman’s house rented part of 2021 and most of 2022 to tenants. In 2023 she was unable to secure tenants and decided to use entire home for her business.
My thoughts:
One principal residence per family - common-law couple
Woman’s property
-Change in use 2021.
-PRE 2013-2020
Capital gain = Sale price less FMV at time of change in use in 2021
Man’s property
-principal residence for all years owned (he was there 2019-2020, then wife moved in 2021 and lived there till 2023 then bought new home together).
Does anyone see it differently?