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Sale of Real Estate: Income or Capital Gain?
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Sale of Real Estate: Income or Capital Gain?
A July 19, 2024, Court of Quebec case considered whether the sale of a house in 2016 was on account of capital or income. The taxpayer had purchased the property during a temporary marital separation but later reconciled and sold the property within six months at a profit. The property was sold before the federal property flipping rules took effect on January 1, 2023. Under the property flipping rules, sales within a year of acquisition are trea…
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