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Planning for succession of a cottage or vacation home: Consider the taxes

Monday, June 04, 2018 @ 8:39 AM | By Susannah Roth and Margaret O’Sullivan

Concerns about inheritance of the cottage or vacation property, including who, how and when are often worrisome for owners. In our last article, we discussed personal and emotional considerations in planning for the succession of a cottage (or other vacation home). This article will focus on the tax issues to be reviewed when planning for a cottage or vacation home.

Of great significance for vacation homes which have gained in value is dealing with the potential capital gains tax burden. Barring a tax-free rollover to a...