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How do I calculate how much capital gains I will pay if I…

How do I calculate...

How do I calculate how much capital gains I will pay if I sell the house my father left to me when he dieded in 2015. he put my name on title in 2002 after my mother died. so I did not have to pay inheitance taxes, I lived here with him in 2014, and 2015. and it has been rented untill April of 2020 when the tenant died and we moved in? if I sell this year in 20 21 do i pay capital gains?

Accountant's Assistant: What was the initial value of the house?

What does intial mean? my brother bough the house in 1983. he added my parents to title in 1994, after the birth of his son so he could increase the mortgage, I think for repairs. he died in 2000. leaving a 6 year old whom my husband and I adopted and raised. . when my mother also died in 2001 my name was added to my fathere's 50% ownership of the house. the boys mother a japanese person whom had returned to Japan in January 1995. leaving her 7 month old son with his father , my brother. she theboys mother sighned her 50% over to me in 2003.

Accountant's Assistant: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.

He may have questions I have not thought of

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Answered in 3 hours by:

7/2/2021

Canadian Tax Expert: AndrewD914, CPA, CA, CFA replied 1 year ago

AndrewD914, CPA, CA, CFA

Category: Canada Tax

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Hello and welcome to Just Answer, my name is***** and it would be my pleasure to try to help you with your Canadian tax question today

Can you tell me what the house is worth now if you were to try and sell it?

And what do you think it would have been worth in 2015 when you inherited it?

Customer reply replied 1 year ago

Tax assessed value in 2015 I think was 300,000. Now in today's crazy market I may get 600,000.Tax assessed this year was 398,000

Canadian Tax Expert: AndrewD914, CPA, CA, CFA replied 1 year ago

And where have you been living since 2015?

Customer reply replied 1 year ago

We a own a home on Salt Spring Island. We have most of it rented since moving back to the house my Dad left us, and just keep a bedroom and guest cottage for ouruseWe have a home on Salt Spring Island. We have most of the house on SS rented just keeping one bedroom and small guest cottage for our use

Canadian Tax Expert: AndrewD914, CPA, CA, CFA replied 1 year ago

So you have the option of declaring one of these two properties as your principal residence. For the years 2015 until now, when you decide to sell either property. The short of it is that let's just say that the other House is sold for 600,000, and when you inherited it, it was worth $300,000. So you've got a $300,000 capital gain. If you declare that house as your principal residence for those years, it would be tax free. However, when you go to sell the other property that you own sometime down the road, you would lose the tax exemption for it for a portion of the sale, and it could end up costing you just as much tax then. What is the other property worth that is not the inherited property?

Customer reply replied 1 year ago

About the same but not planning to sell it for at least 15 years maybe pass it on with out selling. Qquestion is, we claimed home owner grant and disability grant on the SS property for those 5 years?

Canadian Tax Expert: AndrewD914, CPA, CA, CFA replied 1 year ago

Those will not matter, you can still elect either property as your principal residence. It sounds like it makes sense to declare the inherited property as the principal residence from 2015 to the time of sale.

Customer reply replied 1 year ago

thanks that was the information I needed

Canadian Tax Expert: AndrewD914, CPA, CA, CFA replied 1 year ago

Thank you so much for coming to Just Answer!

Sincerely

Andrew Davis

AndrewD914, CPA, CA, CFA

Category: Canada Tax

Satisfied Customers: 1,512

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