Timeline for the question
*My Husband (and his partner at the time) purchased a condo in 2001 for $103,000
*In 2007 my Husband and his partner broke up and at this point each person is considered a 1/2 owner of the condo
*In 2018 the four of us (my husband and myself along with his ex and his ex's new spouse) decide to rent out the condo for supplemental income
*In 2021 my husbands ex passes away and this leaves the remaining spouse as a 1/2 owner of the condo. The condo is now owed in equal halves by two trusts (R&A family trust and M family trust).
*also in 2021 the M family trust owner decides to sell his 1/2 of the condo to R&A family trust
*on Feb 8, 2022 R&A family trust buy out the 1/2 interest owned by M family trust for $128,000. From this date forward the condo is owned by only one entity (the R&A family trust).
*on September 1, 2022 the R&A family trust stop renting the condo.
*on April 24, 2023 the R&A family trust sell the condo. After all fees are deducted the R&A family trust have a net profit from this sale for $301,277
I know what the proceeds are but what is considered the "total amount paid"? I need this to determine the cost basis. Your help and insight would be greatly appreciated.
