Quote:
Originally Posted by Nufy
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?
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From a capital gains perspective, technically, it would be 2/3 investment property, and 1/3 principle residence. Taxes on the condo would be the same if your MIL decided to sell her condo tomorrow. Her portion would not be taxed, but your wife and BIL would be (it would be the gain in value on the condo from when your wife and BIL were added to the title up to now).