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Have a question about capital gain tax. My mother added my…

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Hello Have a question about capital gain tax.

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

My mother added my sister to the title for a half share on a second property. Do we now need to add capital gains to this years income tax?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

My mother has owned the property for thirty years. There is a considerable difference between original cost and current value

Submitted: 1 month ago.Category: Tax
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Answered in 2 minutes by:
3/15/2018
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 month ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,407
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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Customer reply replied 1 month ago
OK. I'm waiting..
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 month ago

Was the property sold?

Who owns the other half of the property?

The sister that received 1/2 of the property would also acquire 1/2 of your mother's tax basis in the property.

Did or will your mother file a gift tax return related to her gift of 1/2 of the property to your sister? (There would be no tax due, just the return).

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Customer reply replied 1 month ago
We are in the process of doing my mother's taxes now. My mother did not file a gift tax return. Just added my sister to the title.
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 month ago

Is it only your mother who owns the other half of the property?

If she made a gift valued in excess of $14,000. (in 2017) the only filing requirement that she would have related to adding your sister to the deed is a Gift Tax Return on Form 709, with the same due date as her income tax return. There would be no tax due.

Adding your sister to the title is a gift according to IRS regulations.

The sister that received the gift has no filing requirements of any kind related to the gift.

Let me know if you have any follow-up questions.

Please remember to rate my response as that is the only way the SITE will credit me for assisting you today.

Thanks very much,

Steve G.

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Customer reply replied 1 month ago
My mother has owned the property for the past 30 years. She recently put my sister on the title for half.
Are you talking about US law or Canadian?
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 month ago

I apologize; the Site didn't classify your question as "Canadian Tax Law", just "Tax" which is the US Tax classification. I was answering as someone subject to US Law.

I will "opt out" and ask the site to transfer to "Canada Tax".

Steve G.

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Customer reply replied 1 month ago
Thank you
Customer reply replied 1 month ago
Can I get a refund, please?
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Stephen G.
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