Quote:
Originally Posted by donk.
Most people just don't know
One of my family friends sold their family home for 2.5 mil or something. (No mortgage). Since the home was in "all of their names" and everyone already had a primary residence, they were hit with 500k in taxes or something along those lines on the 2.5mil
Giggles in french
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Effectively you can't really get around this without paying taxes because you would have two homes under your name, with one subject to taxes when sold. Correct me if I'm wrong?
Like say your parents have a home under their own name primary residence. You have your own home with wife as your own primary residence, home under your own names. Your parents Will says you get the parents house when they pass away. The transfer itself isn't subject to tax, only when you sell it due to owning two homes?