Hi All!
I own my house outright. No mortgage. I am the sole owner, living in Alberta. In the event of my death I want my wife to avoid the cost and hassle of probate. If I add her to the land title would there be disposition or capital gains tax issues?
Many Thanks!
Hi @vincej
Adding a spouse to the title of a house generally does not have immediate tax consequences, but can affect capital gains tax if the property were to be sold in the future. The cost basis of the property is split between both spouses if the title is added, so both would be responsible for paying capital gains tax on their share of any gain if the property was sold. However, transferring the property to a spouse's name due to death can often be done on a tax-deferred basis and results in a step-up in the adjusted cost basis to the fair market value of the property at the time of death. We recommend seek advice from tax expert before making any changes to the title of your house. To contact them, please follow this link: Contact Us.
Want a Full Service expert to do your taxes?
©1997-2024 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Security Certification of the TurboTax Online application has been performed by C-Level Security.
By accessing and using this page you agree to the Terms of Use.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.