Removing Spouse's Name From Cottage Deed - Capital Gains?
I have what seems to be a simple question but have not found any relevant information on line. For business purposes, my husband and I would like to remove his name from the deed of our cottage that we purchased in 2004. Currently both of our names are on the deed. Are capital gains triggered at the time of removing his name from the deed on his "half" of the investment even though they have not been realized? Thanks!
No. Assets transferred to a spouse can be done on a tax defered basis. Your ACB will remain the same. I assume you are just removing his name and not transferring the deed to a corporation or something like that.
Yes, we're are simply removing his name and leaving mine on the deed. Excuse my ignorance, what does ACB stand for?
ACB = adjusted cost basis
Originally Posted by Kitkat