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kwicats2
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My brother was executor and co owner of home which was bought by family member. Does he need to record the changes on his return as he also owns his own home?

 
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My brother was executor and co owner of home which was bought by family member. Does he need to record the changes on his return as he also owns his own home?

He will report a Capital Gain for his portion of the home that was sold. 

Enter the Fair market value of the home at the time it was transferred (death) as the adjusted cost base. (His portion so enter half if it was 50%) . 

Often in cases like this, the home is purchased without adding much value. ie it gets flipped in the same market values with little to no capital gains. Any renovations that happened just before the sale could also be added to the ACB.

The other half would likely be reported on the estate's return. 

My brother was executor and co owner of home which was bought by family member. Does he need to record the changes on his return as he also owns his own home?

Yes, he would need to record the transaction on the Capital Gains screen.  On this screen under Real estate and depreciable property he would record his percentage of the transaction.  

The fields that need to be filled out are:

Address or legal description

What province or territory the house is in

The year acquired (purchased or inherited)

Total proceeds (how much the house was sold for) 

Total adjusted cost base (how much he paid for the house or the value of the house when he inherited it)

Total outlays and expenses (any costs associated with the sale such as real estate and legal costs)

He will want to make sure that he only records his portion of all the numbers and that the other co-owners do the same.