Flipped property – estates beware

Executors generally liquidate the assets of an estate in a timely manner following an individual’s death. This may include the disposition of the deceased’s primary residence, cottage or rental property (herein referred to as a “housing unit”). An estate may realize a gain on a housing unit if it is sold at a price higher than its fair market value on the date the individual died.  Prior to 2023, the….

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Estate Administration, Executors, Real Estate, Tax Issues, Trusts