Ask Allan a Tax Question and he will respond to you with an answer to your question within 24 hours!
Prepare a gift letter and transfer title of the property for $0. A lawyer can assist with this. The deemed sales price for tax purposes is equal to the fair market value of the property on the date of the gift. A certified appraiser can determine the fair market value. Since the property is your primary residence, you will not pay capital gains tax on the gift / transfer. You must get your bank’s approval first, before making the transfer.
in Accounting & Taxation Services
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