Capital Gains Tax on Real Estate
I bought a pre-construction home (ie. sign the papers, place the deposit etc) but don't officially get possession until January 2006. This will be my principal residence (currently renting an apartment until it's built).
If I bought another residence and then sold the pre-contruction home immediately after taking possession, would my sale on the pre-contruction home be subject to capital gains tax, because I bought another home prior to January 2006.
A variation on the above, could I buy and flip a home all before I take possession of my January 2006 home free and clear without worry of capital gains tax?
"Our doubts are traitors, And make us lose the good we oft might win By fearing to attempt."
William Shakespeare Measure for Measure
"You have to go in with a winning attitude. It doesn't mean you'll win, but you'll lose a lot less" - Brad Lamb ("Toronto's Condo King")