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Are You a Pro at Estate Planning and Inheritance Tax for Cottages and Principal...
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Are You a Pro at Estate Planning and Inheritance Tax for Cottages and Principal...

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@WorthwhileHeliotrope

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Questions and Answers

Assuming Michel's cottage is sold after his death, what will be the taxable capital gain?

  • $600,000
  • $800,000
  • $300,000 (correct)
  • $150,000

    • What will be the tax bill on the principal residence inherited by Michel's spouse?

  • $157,500
  • $245,000
  • $332,500
  • $0 (correct)

    • If Michel had purchased the cottage for $500,000 instead of $350,000, what would be the tax bill upon his death?

  • $180,000
  • $135,000
  • $157,500 (correct)
  • $101,250

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