“selling a lottery home”
Red Deer, Alberta arrived from google.ca on ““can you sell a lotto house in canada”” by searching for selling a lottery home.
You can watch the web traffic on LotterySquirrel.com in real time.
C L I C K H E R E
YES you can sell a home (in Canada) you win with NO CAPITAL GAINS if the house is sold for less than the advertised price. The homes are listed on the high side, so there should not be any problems.
This TAX change came into effect before we won the dream home below in 2004; prior to that you had to stay in the house a year before selling to avoid tax issues. There was a dream home in north London that was broken into during the Northeast Blackout of 2003, and the winner was later a single mother of 2 young children. She had to sell the house because she could NOT afford the expenses. She was taxed heavily — had she had proper advice, she could have taken an equity takeout mortgage and used the money to cover the operating costs; then she could have sold it in a year and paid NO TAX.
In the USA they tax you big time right up front when you win any lottery!
If you win a dream home in Canada, you can sell the house with furniture all together or sell the house separately from the contents, which you can keep or sell. If you sell anything for more than $1000, you will have to list it on your tax return (house excluded). Even if it was worth more than $1,000 there should be no effect on your return as it is not a capital gain. For more advice, see an accountant or Revenue Canada or their website.
The best advice from dream home winner RIC WALLACE is to take the CASH OPTION or sell as soon as possible. The big dream homes come with high property taxes and high operating expenses.
The Dream Home Lottery Won Using Squirrel LUCK!