I've been looking into the tax implications of selling a property where one unit was a primary residence and the others were rented out. The property was inherited about 30 years ago and the owner lived in it ever since. They just moved and are considering selling.
From what I can tell, they need to figure out the value when they received it, and the value now (would that be the municipal assessment, the appraisal or the sale price?). Then calculate the percentage that was home vs rental, and the tax applies on the value difference of the rented portion. Is that accurate?
What professionals (lawyer, notary, real estate agent, etc.) would be needed here if the sale was to a known party?