2006-11-27 01:49:45 · 2 answers · asked by don j 1 in Business & Finance ➔ Taxes ➔ Canada
Depending on how large the estate is, there could be estate taxes (but only if it's in the millions for federal) - if there are, those would be paid by the estate, not you. There might also be state taxes involved, which again would be paid by the estate.
If you inherit assets, like stock or property, when you sell them you'd owe capital gains taxes on how much they've appreciated since you inherited them. You should be given some sort of paperwork to show what the assets were valued at, at the time of death. That becomes your basis.
2006-11-27 02:01:08 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
the estate will have to pay tax on any holdings that have capital gains. if you are the only beneficiary of the estate, then that means it will come out of your money. a capital gain is only triggered when something is sold for more than it was bought for. if the estate is a house, and it was bought a long time ago, then there will be some large taxes owing. if the estate is cash in an account, then there is no capital gain...kapeesh?
2006-11-27 18:34:55 · answer #2 · answered by Derrick T 2 · 0⤊ 0⤋