Confusion Around Inherited Property?
Location: Manitoba, Canada
I'll try and keep this explanation brief. A family member passed away and left their house to myself and two siblings, so three of us total. Family member who passed had no spouse or children. For ease, I will refer to myself as A and other siblings as B and C.
A and B would be living in this residence, C would not. As such, A and B would have to buy C out of their share of the residence. (From my understanding at least)
A and B would in turn split this payment to C, along with all associated costs with the home (bills, taxes, etc). A and B learned about capital gains tax.
We are all confused as to how this works in regard to the inherited property.. would A and B have to pay capital gains tax? If so, how is that calculated? Does C not have to pay this since they will be bought out? Also, do all the belonging in the residence now belong to A and B ? This is the first time any of us have had to deal with any of this.
Blanket apology for any incorrect format, posting from mobile.
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