Comments on: How To Minimize Probate Fees http://blog.taxresource.ca/how-to-minimize-probate-fees/ Canadian Tax Help & Financial Planning Resources Sun, 12 Feb 2012 02:53:18 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Tax Guyhttp://blog.taxresource.ca/how-to-minimize-probate-fees/comment-page-1/#comment-7663 Tax Guy Wed, 03 Nov 2010 20:33:38 +0000 http://blog.taxresource.ca/?p=75#comment-7663 The value of the house as at the date of death plus the cost of repairs is the adjusted cost base. The proceeds of the sale, less commissions and legal expenses (related to the sale) less the adjusted cost base is the gross gain or loss.Half of the gain is the taxable capital gain.The repair and upgrade cost to make the house sale ready reduce the capital gain. The value of the house as at the date of death plus the cost of repairs is the adjusted cost base. The proceeds of the sale, less commissions and legal expenses (related to the sale) less the adjusted cost base is the gross gain or loss.

Half of the gain is the taxable capital gain.

The repair and upgrade cost to make the house sale ready reduce the capital gain.

]]> By: Hannahhttp://blog.taxresource.ca/how-to-minimize-probate-fees/comment-page-1/#comment-7662 Hannah Wed, 03 Nov 2010 19:14:04 +0000 http://blog.taxresource.ca/?p=75#comment-7662 I am executrix of my mothers estate. I obtained probate on her house with the assessed value not fair market value. It took 2 years to fix the house and sell, the estate has an increase of almost $49,000. I have been advised to amend probate with the house value or amend the total probate value and not the house. Which one is correct? It is in the estate so does the estate claim capital gains and it is on the $49,000. Can I claim the $18,000 I needed to repair plumbing etc and heat and have an alarm for the home. Thank you. I am executrix of my mothers estate. I obtained probate on her house with the assessed value not fair market value. It took 2 years to fix the house and sell, the estate has an increase of almost $49,000. I have been advised to amend probate with the house value or amend the total probate value and not the house. Which one is correct? It is in the estate so does the estate claim capital gains and it is on the $49,000. Can I claim the $18,000 I needed to repair plumbing etc and heat and have an alarm for the home. Thank you.

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