Capital gains taxes on share of inherited property?
I along with my cousins just sold some real property located in in Quebec that was inherited from our grandfather to our parents, and then to us. I received a 1/8 share of the proceeds which amounts to about ,000.00.
I live in the United States (New Jersey) and was informed that since I am a nonresident I will have to pay Capital Gains taxes to Canada before the money will be released to me.
I have no other income or ties to Canada. I would like to know what the capital gains rates are in Canada and/or Quebec and also how much the taxes would be on my share of the proceeds? Also, if it is not too cumbersome what steps are involved in the process? Thank you.
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For the USA part of the equation the "fair market value" is the value at the time you inherited it (time of death), and thus there is no capital gain.
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