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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 03-06-2018, 12:28 AM
backinthesaddle backinthesaddle is offline
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Default Dividing Assets Re: rental properties

STBX and I are trying to sort out assets without costly fighting in court. We have same RRSP's, TFSA's, pension and annual income. Ex wants to remain in the matrimonial home and I will live in one of the rental homes (I have declared this on my taxes and paid the capital gains this home so CRA deems this as my residence now). The issue we have is our other rental home that will have a capital gain of approx $170,000 but due to remortgaging over the years the actual gain will be approx $150,000K in equity maybe less depending on the market when it is sold. ie bought for $250 and if sold would most likely get $420k...Mortgage is at $270K. I actually am taking a loss financially with the matrimonial home and will accept a 60/40 split as lawyers will eat up most of our money and I just want this fiasco over with. I have had a couple of years to think about it so not a quick decision. Ex thinks he can just sign over the rental home to me. My issue is capital gains. I want to walk away from this rental with no less than $100,000 in cash. Anything less and it isn't worth if for me to be nice. Do I keep it and continue to rent but as sole owner if this is possible or do I sell and properly calculate the the net profit? Ex is in a hurry to get mat home in his name and nobody can seem to tell me what I will be entitled to with this rental home. I don't want to agree on something that is totally unknown. If we sell together, how does that work for capital gains? Is it shared between both incomes? If i keep it will the gains be added solely to my income for tax purposes?
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Old 03-08-2018, 03:17 PM
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Tayken Tayken is offline
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Have you talked to a real estate lawyer? The best person to talk to. Family lawyers are not the best at understanding capital gains on income properties.
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