Can wife's property investment loss being deducted from husband's gain?
The wife walked away from a pre construction purchase three years ago due to work changes, the resulted in a mutual release with the builder, and an loss of 50k.
The couple has no other investment gain or loss in the past three years, until this year, their investment property which is under the husband's name was sold, and made a profit of 200k.
Can the loss of 50k three years ago from the wife (because the pre construction unit is only under wife's name) be used as a deduction from the gain of 200k.
The couple has married for 20 years, and no separation or divorce before or after these two investment transactions.
Thanks for your help and clarification
The couple has no other investment gain or loss in the past three years, until this year, their investment property which is under the husband's name was sold, and made a profit of 200k.
Can the loss of 50k three years ago from the wife (because the pre construction unit is only under wife's name) be used as a deduction from the gain of 200k.
The couple has married for 20 years, and no separation or divorce before or after these two investment transactions.
Thanks for your help and clarification