Quote:
Originally Posted by CorsiHockeyLeague
Houses are a special case because of the principal residence exemption. So if you inherit it from your parents and you live there, then no, you wouldn't be taxed on that sale. If you inherit it, keep your current residence and sell your parents' home, you would get taxed, but only on the increase in value between when you got it and when you sold it. If you inherit it one day and sell it the next, there should be no tax bill.
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If you are already on title and the parent passes away...
Currently my wife and BIL are on title with my MIL for her condo.
Its fully paid off so there are no mortgage / estate concerns.
What are the tax implications in that situation.
Are there still inheritance taxes?