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| *The Commerce Journal>>>Canada Taxes |
Are there Capitals Gains taxes on selling an inheritted home after renovations from a fire.? |
After inheritting a home from my wife's mother (and just before putting it on the market to sell), there was a fire in it. The fire damage was covered by insurance and caused 5 month delay in selling. There were also a number of upgrades built into the house that were not covered by insurance. The house has now been sold, does she and her 2 sisters need to pay Capital Gains Tax on the anything.... (house and sisters live in Ontario). Assuming both Mom & Dad have passed away, the Executor should have paid the capital gains on the house upon the death of the Mom (assuming she died after Dad). Renovations would no impact on capital gains one way or another. If the Estate did not pay the capital gains on the house upon her death, then the Estate has an obligation to go after the Sisters and other Bene's of the estate to pay for its tax liabilities. Assuming the House is now owned by the Sisters (and its not their principle residence), when they sell it, they will pay the capital gains on the house from the ACB at the time of dispositon after Mom's death, and the current Fair Market Value of the house. no capital gains on primary residence only! |
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