Property in Canada owned by Kansas City Missouri

Property in Canada.David,
Your name was passed to me by Greg Samuels.
In 1997 when my father passed away my mother had the title of her
property in Surrey changed at the Land Registry Office to include
me as a co-tenant in order to avoid any possible probate concerns
at the time of her death. My question is: what is the best way to
handle this situation in order to avoid probate and taxes not
only in Canada but also in the United States. I am a US citizen
now residing in  Kansas City, Missouri.
===============================================
david ingram replies:
If your name is merely on the property for probate purposes and
you do not consider it yours and would not pledge it as security
or try and sell your half, then you are merely a trustee for the
property and there are no tax consequences.
On the other hand, if you have proudly declared your half of the
property as an asset on financial statements and used it as
leverage to borrow money, etc and consider that half is already
yours, then there would be capital gains tax to calculate in BOTH
countries on your half when the property is sold.
You would pay Canada first and then calculate the tax to the US.
The tax paid to Canada would be claimed as a foreign tax credit
on US form 1116 and there would not likely be any actual tax to
pay to the US.
If your mother is a US citizen as well, she should be filing
annual tax returns (goto www.centa.com and read the US/Canada
Income tax section in the second box down on the right hand side)
to the USA now.  When and if she passes on, she would file a 706
US estate tax return as well.
For the benefit of other readers, Greg Samuels is a US / Canadian
lawyer who specializes in Accident claims which straddle the US /
Canadian border.  www.crossborderlaw.com  If you "ever" have an
accident in the US with a Canadian registered car or an accident
in Canada with a US registered car, you should phone Greg Samuels
at (604) 742-4242.  He also deals with US immigration matters and
his lawyer wife Melanie Samuels is a specialist in working visas
to Canada.
 Answers to this and other similar  questions can be obtained
free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am
a permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE
talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
internet at
www.600AM.com
Call (604) 280-0600 to have your question answered.  BC listeners
can also call 1-866-778-0600.
Callers to the show and questioners on this board can also attend
the Thursday Night seminars on finance and making your Canadian
Mortgage Interest deductible.
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