Capital Gains Tax on Gifted Property In 1985 my grandfather purchased his property for 85,000
in 2004 my grandfather gave the property to his two sons. Neither son made the property their primary residence. In fact, my grandfather continued to occupy the property.
In 2007 my grandfather died.
In 2014 I purchased the property from my uncle and father.
I paid 198,000 for the property, however my father gifted me approx 50,000of his share of the equity.
What is my uncle and father capital gains tax liability? |