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Updated almost 3 years ago,
I co own with my brother - Would he be taxed on capital gains?
Background: I bought my place in July 2020. It is my primary residence for almost 2 years, however on the title of the home my brother is listed as 25% owner. We would like to sell the property in order to upgrade to a home 8-12 months from now.
Question: If I were to sell I wouldn't be taxed on capital gains, but would my brother be taxed? If he would, is there a way we can get around that? We plan on using the full amount as a down payment on our next property. Also, how long would I have to purchase a new property? We would like to wait 1 year +
Any advice is appreciated. Thank you.