Quote:
Originally Posted by Gumby
Just to clarify, from my understanding, if Mr.HappySlip's parents sell their house, then give Mr.HappySlip & his sister the money, then there is no tax consequence.
However, if the parents give the kids the house, then the kids sell the house, they will have to pay capital gains tax, correct?
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Not if that is their primary residence.
But there will be heavy taxes if the parents pass away and the house is given to the kids in the will.