Ask Experts Questions for FREE Help !
Ask
    dawnk's Avatar
    dawnk Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 11, 2011, 11:40 PM
    Inheriting a principal residence
    My brother and I inherited a home in Alberta, Canada. There is no existing mortgage and it was our mother's primary residence. If my brother wants to buy me out of my portion of the inherited home (it was equally split between us) what kind of taxes are we likely to pay. Or is there a better way for us to handle this to avoid large taxes?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 12, 2011, 06:17 AM
    Assuming this is under the tax systems in the United States, the amount of tax owed depends on what the house was worth on your mother's death. That is the basis for the sale to determine the capital gain when your brother's half of the house is sold to you.

    If you are asking about Canadian tax issues, this forum does NOT deal with Canadian tax issues.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Spouse is residence of Indiana I am a residence of Florida can we file join fed [ 2 Answers ]

Will a foreclosure on a second residence affect the primary residence [ 1 Answers ]

I was building a house in North Carolina about three years ago. All of the work stopped because the bank gave all of the money to the builder without checking on the work. They ran out of money and the house was never finished. I waited two years to see what would happen. The bank's lawyer...

Residence /Non Residence Status (B1 & H1) [ 1 Answers ]

Hi I was on B1 visa during First Quarter (Mar08-Jun08) where my company paid my salary in India. On Aug 02, 2008 I came to US on H1 visa ? As such I have completed 183 days Should I be considered as Residece Or Non-Residence for the Purpose of Tax Filing ?:(

Inheriting debt [ 4 Answers ]

I live in North Carolina. If I were to marry a person that is in a lot of debt, would I inherit any of the debt? The debt is incurred before we get married. Right now we live together and I want to marry her but I'm worried.

Does a j1 visa holder non residence receive more taxes back than a US residence? [ 6 Answers ]

Last year... my taxes were 1100 dollars(federal + state ),, that is what my w2 showed... I got back 1000 dollars for those 4 months i worked that year... This year my taxes are 4000 dollars (federal + state) that what it shows my w2 and its more money cause i worked 12 months.. right? ...

View more questions Search