Do we use the full value of a property or do we use the value of the portion they owned for an estate capital gains "deemed disposition" of a piece of land on death?

A family member has passed away. They had bought a piece of land 50/50 with another family member. The title is joint tenancy. It will also have an adjustment for the 1994 capital gains change. We are not sure whether to include the full value of the property or whether to include 50% of the value. There doesn't seem to be anywhere to enter what percentage of the property belongs to the estate so it raises the question.

939

New Member

Oct 30, 2019 3:37:13 PM

Good Am,

Capital gains are always calculated on the Market Value of the property.

Market value of Property minus the original Cost equals Amount of capital gains to be paid.

Now I see you are two people so complet form T176 1(1) if it is a rental Property.Here you will be able to indicate % of ownership.

I hope this helps you.

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Do we use the full value of a property or do we use the value of the portion they owned for an estate capital gains "deemed disposition" of a piece of land on death?