How i minimize the tax i have to pay related to the property

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Reference no: EM133921033

Problem

Barb Carle-Thiesson, LLB, is a prominent criminal defence attorney specializing in high profile murder and organized crime cases. Barb is a sole practitioner. It is now August 15, 2025. A partner at your firm recently met Barb at a social function. Barb requested a meeting to discuss her tax situation. You, CPA, have been asked by the partner to sit in on the meeting and prepare a draft report for Barb. Get the instant assignment help.

Barb begins, "I am in the process of purchasing a newly constructed luxury duplex from one of my clients for $837,000. The deal closes in a month. My husband, Gary, and I are planning to move into the main-floor unit and rent out the second-floor unit. We recently sold our city home for $480,000 and we also own a cottage on the lake. I've brought you some details on the three properties (Appendix I). I already pay tax at the highest rate of 50%, so I don't want to pay any more tax than I have to. How can I minimize the tax I have to pay related to these three properties?

Reference no: EM133921033

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