This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
Moderator: Mark T Serbinski CA CPA
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I've heard that Canadian will establish cost basis for capital gains on an inheritance from a US trust based on the original cost of the item not on the value at death. So if my mother's house was originally bought for $30,000, valued at $500,000 at death and sold for $600,000. The US will assess capital gains on $100,000 but Canada will assess capital gains on $570,000. Is this true?