pricey island home

[dpg]

When a home is simply transfered to children from a living parent/owner the child obtains the property valued and at the tax burden at what the parent paid. Not sure if I said that right but another words a child is "given" a home their parents paid 50,000 for and they in turn sell it for 500,000 the childs capital gains is on that difference of the two prices. If/when the same property is inherited upon the parents death that same child acquires the property at the current value from the time of transfer.