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January 14, 2020

Minimizing Capital Gains on Inherited Property

Minimizing Capital Gains on Inherited Property

Cahill CPA partner Jordan Cahill was recently asked to provide some expertise on the topic of capital gains. He colloborated with local Vancouver Realtor Shawn Brown from West Haven Group, Oakwyn Realty. Shawn created three helpful tips for individuals looking for information on minimizing capital gains on inherited property. The aritcle & video can be found here. Thanks again to Shawn for including us! 

Tip #1 PLAN EARLY!  

Planning early with your accountant and tax specialist is key. More options exist the sooner you begin planning for things like this. 10 or more years out is not excessive.

Tip #2  TRANSFER TITLE EARLY DURING A DOWNTURN.  

Real estate markets tend to be cyclical. You can transfer title to your recipients early during a downturn when the property’s value is relatively low to minimize the capital gains tax.

Tip #3  ESTABLISH A TRUST  

A third option is setting up a trust. A trust allows you to transfer the title of your property to be held for the benefit of the beneficiaries of the trust which can be determined by you. A trust will avoid probate fees upon death. Probate tax is about 1.3% of the estate’s value.

 

Shawn created a short & simple youtube video describing these three tips, which you can find here. 

For more information on this, or any other accounting related topic, call or email our office. 604-985-0123   

 

Crystal Cahill

Crystal Cahill is responsible for the social media and marketing at Cahill CPA. Crystal completed her Bachelor of Arts Degree at Simon Fraser University in English, and has an Education Degree and teaching certification. She enjoys keeping clients updated on new accounting practices, upcoming tax deadlines, and news & events within the Cahill CPA office & staff. She is married to Cahill CPA partner Jordan Cahill, and together they have two young children.

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