Question about giving 50% share of homes to sibling
Parents owned 3 properties.
One primary and 2 rental properties. Both parents passed last year and now left with these 3 properties. We sold one property and used the proceeds to settle the estate and pay off various taxes to CRA due from parents death return.
The remaining 2 properties are inherited at 50/50 share. However, we want to each own 100% of one property each.
Basicslly property A my brother will give me full ownership.
Property B I will give my brother my 50% so he will have 100% ownership and in addition he will give me $100k cash.
Wondering if there are any tax implications. Am I technically disposing my property or can this title be transferred via the lawyer and say we are simply taking 1 property each at 100% share and he’s giving me 100k because the value of that property is much higher.
One primary and 2 rental properties. Both parents passed last year and now left with these 3 properties. We sold one property and used the proceeds to settle the estate and pay off various taxes to CRA due from parents death return.
The remaining 2 properties are inherited at 50/50 share. However, we want to each own 100% of one property each.
Basicslly property A my brother will give me full ownership.
Property B I will give my brother my 50% so he will have 100% ownership and in addition he will give me $100k cash.
Wondering if there are any tax implications. Am I technically disposing my property or can this title be transferred via the lawyer and say we are simply taking 1 property each at 100% share and he’s giving me 100k because the value of that property is much higher.