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cottage

Cottage

2025 08 20

  • washer is kenmore 4240090
  • lockbox is 2316

2025 06 12

  • kitchen fridge 24 x 60

Inheriting

  • Cottage was appraised at $1,155,000 in 2017.
  • From Doug 6/11/2025
        Yes, your heirs get the appraised basis at the time of your death as their basis. 
        But, your estate pays capital gains on the difference between the basis you got from Mom and the appraised 
        basis (value) at the time of your death.  Establishing your basis via documents may be necessary.  It was 
        with Bruce’s estate. 
        Plus your estate will pay a “transfer tax” based on the appraised value at the time of your death in 
        addition to  capital gains.   No basis or deductions. 
        Bruce’s transfer, legal fees, accountants and taxes of all kinds has cost $18,000 USD so far, and I 
        think it is done, but he only owned it for less than 2 years. 
        To pay capital gains you need to file a tax return and write the check on a Canadian bank.
        Plus his was a “foreign owner” estate.  Another reason to tell you “it’s complicated” and take a bit 
        more of your money. 

2 - 1123 PLEASANT VW PT RD CON D PT LOT 31 in The Township of Muskoka Lakes Roll # 445304002204100.0000

Bunkie

  • refrigerator is whirlpool yet18pkxb
cottage.txt · Last modified: 2026/08/23 01:44 by donald