I and two unrelated people own a share of a property. The property is leased out to a business and generates income for all three owners. There is a Declaration of Trust in place that simply states the percenatge owned by each parthner.
Throughout the our ownership of the property there have been two expenditures on this property. One was done by us and the second by the business owner, with our consent.
We are now thinking of selling the property and are trying to figure out the capital gains tax. Can we include the second expenditure, done by the business owners, to offset our capital gains or just our expenditure.
Basically, how would we calculate our capital gain tax?
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