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When to report principal residence designation for deceased co-owner ?
My Dad passed away. His 50% share of his principal residence was transferred to my Mom, co-owner of the residence. Do i report the principal residence designation on his final tax return or do i wait until my Mom passes away and report a designation on her final return ? If i report the designation on my Dad's return, i believe the ACB and proceeds of disposition are the same amount. But are the amounts at 50% share of the residence ?
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‎October 31, 2019
12:15 AM