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My dad in bc left us 2prperties can we save on tax if his…

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My dad in bc...

My dad in bc left us 2prperties can we save on tax if his children buy them

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Can we buy at a lower price beneficiaries to save taxes

Accountant's Assistant: Is there anything else important you think the Accountant should know?

One was his rental and one was his primary residence.

Submitted: 1 year ago.Category: Canada Tax
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Customer reply replied 1 year ago
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3/21/2017
Canadian Tax Expert: Arthur Rubin, Tax Preparer replied 1 year ago
Arthur Rubin
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We would need to know what state the properties are in, and, if different, what states you and the children live in.

I'm not saying I would be able to answer the question; it's just that there is little relevant Federal law, and state inheritance, transfer, and income taxes would be more important than Federal income tax.

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Canadian Tax Expert: Arthur Rubin, Tax Preparer replied 1 year ago
I didn't notice that this was in Canada, specifically in BC.In some circumstances, the property transfer tax can be reduced if the property ends up in the hands of a family member. There is no _potential_ reduction if income tax or property tax.Sorry about the delay.
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