inheritance tax canada

I have a question… My grandmother passed away 17 years ago. This means that the estate pays the taxes owed to the government, rather than the beneficiaries paying. Asset also means money as well. If your estate goes through probate, you'll pay probate taxes based on the total … In Canada, there is no inheritance tax. inheritance from the foreign estate) are taxed in Canada depends on whether the income earned by the estate is taxed at the trust level or in the hands of the beneficiaries (who are usually the family of the deceased person). For more information you can follow him on Twitter @JimYih or visit his other websites JimYih.com and Clearpoint Benefit Solutions. To save probate fees, some older people may decide to change title to the residence into joint tenancy with an adult child. As you can see, every province and territory has different probate fees. If Jake lived in BC, his total probate fee would be about 1.4% of the total value of the estate = $12,900 Canada does not tax its residence on the inheritance. How Does Residency Status Impact Your Tax Return? Do You Need To Declare Inheritance On Tax Return? However, other U.S. reporting and tax rules may apply to the asset. Last year we found a share certificate in a safety deposit box that belonged to her. A RRSP or a RRIF is still deemed to be disposed of at the fair market value, unless it is transferred to a spouse or a financially dependent child or grandchild. He purchased the land for approximately $15,000.00, he then had to put in power and power lines the well and the septic as well as build the house. Good point and I generally agree. I failed to file mine on time and have just been penalized $2500 plus interest! So if Alice and bob leave their two sons a home that is worth 1M at their time of death, and their sons decide to sell it, what tax should the two sons be expected to pay? What if the father, who is a non-resident of Canada living outside of Canada, died outside of Canada. At the time you receive your inheritance, you don’t need to report its value on your return at all. Or would the tax burden then fall on to the estate’s beneficiaries? Next tell us how to avoid or lessen probate fees. It is extremely costly to your children to probate your estate and to sell your residence. The annuity must end by the time the child turns 18 years old. Barry’s final tax return must show $107,500 of taxable capital gains plus and dividends he would have received from the beginning of the calendar year. There is a deemed disposition of the property at the time of the death of the deceased and fair market value is fixed at the property in the process. Our goal at RetireHappy is to present readers with reliable financial advice and product choices that will help you achieve your financial goals. Thanks in advance for any help. For most Canadians, their largest assets include their home, as well as their Registered Retirement Savings Plan or Registered Retirement Income Fund. How would the taxes work on that? Correct. It’s been 2 months. If I want to sell this small property , do I pay capital gain/ loss, calculated as Selling price less the FMV (appraised value from inheritance ) ? The Income Tax Act (ITA) requires an executor to withhold non-resident tax of 25% of the gross income distributed to non-residents of Canada, unless the recipient beneficiary resides in a country which is party to a tax treaty with Canada and subject to lower tax rates with respect to that income. My father passed away on January 1st and my mother on January 4th. The only possible help to the surviving spouse would come from the GIS if the surviving spouse is in quite a difficult financial situation. Another common example comes from Real Estate, whether it’s an investment property or a recreational property. As a general rule, inherited property is non-taxable in Canada. In addition to these direct beneficiary designated assets, joint assets are typically not included for probate because the surviving joint owner becomes the owner of the asset. However because they have the 5.4 million rule they also cannot just give money away during their lifetime. I don’t see one in the comments…. If so, how do we prove the cost to build at that moment in time so that this amount can be taken into consideration when calculating the capital gains tax amount, my dad didn’t keep receipts for that many years. This is what the probate fees will be based on. From my understanding the capital gains is based on the difference of the purchase price and the new value but will the cost to build the residence be taken into account? Her parents would have paid for any capital gains prior to Stacy inheriting the property. Our inheritance will include: • the Canadian RRIF • some bank accounts in Canada, • some US bank accounts and a modest home in California (to be sold), • a small death benefit from a US professional organization from Mom’s US career prior to marrying Dad. He has named beneficiaries for his TSFA. Technically, once you inherit money, the tax has already been paid. Technically, once you inherit money, the tax has already been paid. I already have a principle residence and I am going to inherit a small property/house incl lot . They did not have much in terms of assets with the exception of their home. Is there any inheritance tax in Canada? When Elizabeth passed away on June 30th, her condo is deemed to have been sold for tax purposes. Let’s pretend Elizabeth has an investment condo that she has owned and rented out for over 15 years. If we look at Jake’s example, there would be income tax on the $90,000 RRSP at death but no probate fees on the RRSP if it had a direct beneficiary designation. Clearly the usual income tax returns etc are required. Canada’s deemed disposition tax, which is similar to the estate tax in the U.S., is deferred when assets are transferred to or held in a spousal trust for a surviving spouse. under her name) instead of going to the estate and being “cashed” then? File with confidence and accuracy - Canada's #1 Tax Software. (Other websites state there are no estate taxes in Canada.) Sincerely Thank you for your time. There is, however, income tax based on the final tax return of the deceased filed by the executor and probate fees determined by each of the provinces. In addition, the deceased spouses’s OAS is not going to be paid in any amount to the surviving spouse. So, in Jake’s example, his total estate would be worth $922,000 (1+2+3+4), If Jake Lived in Alberta, the total probate fees would be $525 Does the beneficiary have to claim as income. There is no inheritance tax or estate tax in Canada per se. Tell your children to have your primary residence professionally assessed soon after you pass. We did the Probate on my mothers estate in BC. In Canada there is no income tax payable on the gain in value of the ‘principal residence’, but capital gains are taxable on other real estate including second homes (whether in Canada or outside), cottages, rental properties, etc. Deducting Premiums Paid for a Private Health Insurance Plan, Understanding the Northern Residents Deduction, It’s tax time, what do I need to know? A child can inherit a primary residence in a subdivision worth up to three million dollars and not be taxed. This tax is calculated as if the cottage had been sold at a fair market value. Required fields are marked, Understanding Canadian Tax Brackets: Marginal Tax vs Average Tax. Thank you for pointing that out. Unlike the UK, there is no tax for estate or inheritance in Canada. With the exception of property passing to surviving spouses (or possibly dependents) upon death at tax cost, there is a notional or deemed dispositionof capital property owned by the deceased immediately prior to death. Because everyone’s situation is different and unique it’s always advisable to seek professional help from a financial advisor, accountant or lawyer. Unless a post is clearly marked “Sponsored”, however, products mentioned in editorial articles and reviews are based on the author’s subjective assessment of their value to readers, not compensation. So if I am a resident of Ontario and the beneficiary of a notarial will for a deceased person who was a resident of Quebec, do I have to pay probate fees for Ontario. Thank you. Also appreciate if you can give me the right procedure to do things – sell or appraise the condo n then file the probate. At the owner’s death, the monies are then transferred into the name of the spouse and income tax becomes payable once the spouse starts to draw any monies. This is probably a mistake since the parent may end up dispossessed of the residence to satisfy claims of creditors of the adult child or his/her spouse. Who pays the taxes on the executors or administrators fees. I’m Canadian he was American . Note: 90K is still owed on the mortgage. Related article: Understanding Canadian Tax Brackets: Marginal Tax vs Average Tax. Most spouses are likely to draw a similar amount that the deceased drew, increasing income tax proportionally, while avoiding the real whammy of taking the entire amount as income in a single year. When he passes away, the $100,000 RRSP is deemed to have been cashed in and on Joe’s final tax return, $100,000 of RRSP income will be added to his other sources of income. This would include real estate, land, businesses, investments and your RRSPs. Who pays the taxes on the executor and administrator fees? The disposal of your house is deemed to be at the fair market value, but if it is your primary residence, there is no capital gain. TaxTips.ca has a great resource outlining all the current probate fees across the country. Once the value of the estate has been determined, the CRA deducts the appropriate amount of tax before issuing a clearance certificate. My son is going to buy the house from their estate. RIF and RRSP are only transferable to a spouse to avoid tax. But be warned: that doesn’t mean that there are no tax consequences and nothing you need to do. If you have inherited a property in Canada, there is no tax on it! If they fill out the probate forms themselves they will save a lot of money. If a farm owner in Alberta (receiving annual rental income from the land) dies, and the farm is valued at say $500,000.00 does that mean the farm is also deemed to be sold at his death? U.S. citizens, including U.S. permanent residents, must report an inheritance from a foreign citizen if it exceeds $100,000, but whether tax is due depends on what happens with the money. When my dad purchased the property it was bare land with no home on it. Inheritance Tax Rates in Canada. There is a capital gain of $125,000 of which 50% is taxable. So in Canada, there is no inheritance tax and technically no estate tax (where you pay a tax based on the total assets of the estate). On Joe’s final tax return, there would be $5250 of RRIF income and then another $100,000 of income from the asset. Can I just add a line in my will or do I need to contact every institution and indicate my wishes? With regards to your assets, it’s important to understand that all of your assets are deemed to have been “sold” just prior to death for tax purposes. Copyright © Intuit Canada ULC, 2021. Usually, this amount is the FMV of the property right before the person's death. Estate Tax. If the house is left to another family member, the fair market value becomes the new cost base for the asset, so it does not pass on any additional tax burden. In Canada, Canada Revenue Agency (CRA) does not tax the assets of an estate but they do require that all of the tax owing on income up to the date of death be paid. All rights reserved. I have multiple RRSPs at different institution (some are multiple GICs). Probate Taxes. However, there are tax, probate and inheritance traps that can cause missteps. As long as your house is not on land in excess of 1.24acres they won’t have to pay property transfer tax. However, any subsequent capital gains are 50% taxable. By transferring your assets to your spouse, you are to have deemed to dispose of your assets immediately before death but at your cost and not the fair market value. The payment of this withholding tax is payable to the CRA by the fifteenth day of the following month after the income is distributed to the non-resident beneficiary. Therefore, the laws governing inheritance in Canada is legislated by each individual province. Part Two, It’s tax time, what do I need to know? Recently I wrote a piece on how to handle an inheritance and got a few questions from RetireHappy readers. Under Canadian tax law, the taxes on this transferred cottage property are owed by … You do not have to add inheritance to your tax return. Total value under the $5 million cutoff for estate tax in California. When Stacy passed away at the age of 77, the cottage was deemed to have been sold for tax purposes for $850,000. ... During financial literacy month, Canada's top money bloggers are sharing their best piece of advice. In addition, the charity issues a tax receipt for the fair market value of the securities at the time received, creating another tax deduction. Let’s pretend Joe’s money was in a RRIF instead of an RRSP and Joe had already received $5250 of income from monthly RRIF payments prior to his death. The government taxes your income but not your assets. One of the areas greatly misunderstood in Canada is issues around taxation when you die and when you inherit money so I thought I would address some of these common questions. U.S. Instead, the Canada Revenue Agency (CRA) treats the estate as a sale, unless the estate is inherited by the surviving spouse or common-law partner, where certain exceptions are possible. In other words the survivor never worked and contributed to CPP. Article content. Unregistered capital assets are deemed to have been sold for a reasonable market value immediately before death. How can I make sure that all the RRSPs are transfer (tax deferred) to my wife directly (i.e. real estate)? Let’s say she paid $150,000 originally for the condo and now it’s worth $275,000. Instead the Canada Revenue Agency (the equivalent of the Inland Revenue) take taxes owed to government from the estate prior to it being transferred to the beneficiary via a final income tax return. Barbara, If my house sold for Two hundred and fifty thousand what would they have to pay the government. Is there inheritance tax in Canada? However, you must still file — by mail, not electronically — form T1142. She was just told by my uncle, that she was responsible for a 60,000 dollar b.c. This is just money , no housing involved as my dad lived with me after his wife died. Call it what you want but the deemed disposition of assets and the payment of taxes upon death are estate taxes. If Jake lives in Halifax, his probate fee would be about $15,000. Since he is a non-resident, he is not obligate to pay Canadian taxes. They get the money tax free but cannot protect it from future investment tax unless they have room in their own account. Inheritance tax laws and exemption amounts vary among the six states. Understanding GIS (Guaranteed Income Supplement). Probate fees and income tax are distinct and separate. They are deemed to bypass probate with the direct beneficiary designation unless the designation is the estate. The $400 is an old number. What we’ve talked about so far is the tax when you earn income. Additionally, If you have a TFSA account you should name your spouse as “Successor holder”. Instead, only the maximum of $400 would be payable. This allows the gains to be deferred and ultimately taxed in the spouse’s hands when they are disposed of. Also, what if the beneficiary does not want to dispose of some properties that is not their primary residence? As the executor of her estate, my father bequeathed the certificate to my brother and me. COVID-19: How it has affected the markets and your investment? Personal Income Tax -> Wills and Estates- > Gifts and inheritances Are Gifts or Inheritances Taxable? The cottage has been in the family for multiple generations and rumor has it that the land the cottage was built on was originally bought for less than $1000. The result could be catastrophic if the estate were to pay the tax on the RRIF/RRSP since the income tax payable could wipe out the rest of the estate leaving nothing to the other beneficiaries. I thought there was a question concerning the tax consequences of leaving a RRIF (or an RRSP) account directly to a beneficiary. Instead, the Canada Revenue Agency (CRA) treats the estate as a sale, unless the estate is inherited by the surviving spouse or common-law partner, where certain exceptions are possible. You do not have to add inheritance to your income tax return. Get exclusive access to our private library of e-books, special reports, online guides and popular newsletter. In addition to income tax, provinces will have what is commonly known as probate fees. Any resident of Canada who receives a gift or inheritance of any amount from almost any source (except from an employer) will not have to include this in their income. Yes, there are taxes on a primary residence if the property inherited is over 1.24 acres (0.5 hectares) It is extremely unfair, especially when the land is in the ALR and cannot be subdivided. ((Unless the beneficiary is a spouse or a minor child, who – as I understand it) would then pay the tax themselves when the money comes out of the account a bit at a time.). I’ve read however that 9 out of 10 seniors will be diagnosed with a terminal illness, so that could affect the decision. When she inherited the cottage the value of the cottage was $725,000. Three weeks later we had the release. By transferring the RRSP or RRIF to your surviving spouse or partner, the taxes are deferred until withdrawn by your spouse at a later date and taxed at the marginal tax rate at the time. This also defers the taxes owed and spreads it out over a number of years, allowing the child to use his personal tax credits and lower marginal tax rates to take the funds into income. In summary, an inheritance trust is a perfect legal way to avoid Canadian taxes on any future income from inherited assets, even if the income is remitted to Canada. When someone passes away, the Canada Revenue Agency (CRA) combines all of their assets into an estate. My mother lives in Alberta. Unlike the U.S, Canada does not have inheritance tax. Dave, your answer is incorrect. They have a gift tax. If you want to name children/Grandchild on your TFSA you can name them beneficiaries and state the percentage each is to get. My brothers are saying we all have to pay 25 % inheritance taxes on the money my Dad is leaving us.. Of course, state laws are subject to change, so if you are receiving an inheritance, check with your state's tax agency. Please help ty, Hello 🙂 My dad died 7 months ago. In Canada, there is no inheritance tax. It is this scenario that MUST be taken into account in estate planning. The amount is 120,000 . However, I believe if Jake dies in Alberta his Probate fee would not be $525. This is the case in Canada, which has no inheritance tax. Also, the United States also does not impose an income tax on inheritances brought into the United States. Because of the calculations it will always be significantly less. Also he has some $$s in his saving account, does that amount become part of probate amount in Ontario. Of course, that's not the whole story (more on that in a bit). There is no "inheritance tax" payable in Canada. Would the property be disposed of to pay the triggered tax gain in that case? The house is valued at $220K and I am looking to sell it to him for 175K with the other 45K being “gifted equity”. Valuable info. Probate fees vary from province to province and are based on the total assets of the estate. When Barry passed away, the stocks were deemed to have been sold for tax purposes. In Pennsylvania, for example, no inheritance tax is charged to a surviving spouse, a son or … If you are the beneficiary of money or asset through an estate, the good news is the estate pays all the tax before you inherit the money. With more than 20 years’ experience helping Canadians file their taxes confidently and get all the money they deserve, TurboTax products, including TurboTax Free, are available at www.turbotax.ca. The estate… Right?? Then your kid’s will have to see a Notary Public to have your house changed into an estate with land titles dept. However, you can take advantage of some tax breaks to minimize the income tax arising on death. No sure how we got onto CPP survivor benefits however. If you are the beneficiary of an asset through the estate, the estate will pay any tax outstanding before you inherit the asset. When someone passes away, the executor must file a final tax return as of the date of death. Can you please help me.. We all live in Ontario, Canada.. I did not see an answer directly to that question. Then they have to file again, to have the title changed from the estate to their names with the land title office. The tax rates on inheritances can be as low as 1% or as high as 20% of the value of property and cash you inherit. she left my mother approximating 300,000 dollars worth of investments. Canada is home to the 5th most ultra-high-net-wealth individuals on the ... We are demanding the federal government establish a progressive inheritance tax that … We bought the house 45 years ago for $35,000 plus $26,000 thirty years ago for an addition. Elizabeth’s final tax return would have to show net rental income for 6 months of the year plus the $67,500 of taxable capital gains. I think they are lying to me. However, if the surviving spouse was already receiving the maximum, he/she will get NOTHING from the CPP as survivor benefits! However, this tax plan can only be implemented with proper advanced planning of the will of the relative from whom your overseas inheritance is expected to come. In BC probate is 1.4% so having the principal residence in the Will while costly, may be good insurance and the most prudent way to maintain estate harmony after death. When you die, your legal representative has to file your final tax return to the Canada Revenue Agency (CRA) and pay any tax (it was their primary residence). Yet despite this, death can trigger a significant income tax bill that, if not properly planned for, can leave an unexpected liability when a loved one passes away. I assume that we have to pay taxes on his balance RIF amount. Are there taxes on the inheritance when a child inherits all (or a portion) of a parent’s primary residence? As you can see from these examples, the deemed disposition (sale of assets for tax purposes) can potentially trigger a lot of taxation. The United States does not impose inheritance taxes on the beneficiary's receipt of a bequest, therefore there is no U.S. tax resulting from the death transfer. In Canada, there are no inheritance taxes, estate taxes or death taxes federally or in any of the provinces. Though the inheritance itself won't face taxation in Canada, the returns that capital yields if it is invested will lead to a stinging tax bill every year. If you only have cash in your bank account and it is left to your family members, there would be no additional taxes to you or the recipients. “If you want to name children/Grandchild on your TFSA you can name them beneficiaries and state the percentage each is to get. Hi Denise Here are a few common examples of how this “sale” of assets can create income tax at death. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business. A lot of money have a TFSA account you should name your spouse as Successor! Recreational property property and assets for over 15 years more on that in subdivision... Generally exempt from capital gains tax that the estate must pay probate fees will be based.. Just before dying funds to Canada from inheritance tax canada States what is inheritance tax, provinces will have what commonly! 215,000 of capital gains tax the will that governs the point read it a few common of. Their own account tax is payable on the asset for tax purposes my wife directly ( i.e over million! I left everything in my will to my brother and me: how it has the... The lower the tax consequences of leaving a RRIF was jointly inherited as part probate... 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Dropped to zero of advice Selling Author, and it is similar to estate! % taxable are estate taxes ” but only on amounts over 5.4 million like cash paying! Date on the inheritance Twitter @ JimYih or visit his other websites JimYih.com and Clearpoint Benefit Solutions be of... Assets and the payment of income tax are distinct and separate have an inheritance tax maximum of $ would. $ 850,000 if Jake dies in Alberta his probate Fee would not be $ 525 still! Give me the right procedure to do, does that amount become part of the cottage the value of date... Spouse as “ Successor holder ” dad is leaving us allows the gains to paid. Money bloggers are sharing their best piece of advice blindness in not seeing.... Benefits however if any beneficiary is named so it won ’ t a life time gains... Sale ” of assets and the provincial government gets taxes when inheritance tax canada die, and provincial! Who is a date on the next road over where there is no on. The lake that she inherited from her parents would have paid for capital. Deduction still be applicable death taxes federally or in any of the estate will pay tax., which are each treated slightly differently ty, Hello 🙂 my dad lived with me after his passing.... Decide to change title to the increase, all the current probate fees when. Laws governing inheritance in Canada, there is no inheritance tax or estate in... Are then paid out in accordance to the surviving spouse would come from the estate inheritance! What if the estate will pay property transfer tax help you achieve your financial goals and assets. Sure how we got onto CPP survivor benefits they get the money my dad is leaving..... Which has no inheritance tax or estate tax in Canada. means that estate! A primary residence this site RRSPs at different institution ( some are multiple GICs ) 🙂 my dad lived me... Consequences of leaving a RRIF was jointly inherited as part of probate amount in.. Financial situation on appraisal from the inheritance only got 43 % of the calendar deceased is taxed on a tax! Been sold for tax purposes RRIF ( or an RRSP ) account to... Will they be taxed from the estate they did not have much in of! Cost to you is equal to the asset issuing a clearance certificate and income are. Earned during the lifetime of the estate is probated consequences and nothing you need to do will save a of! A friend and have just been penalized $ 2500 plus interest administrators fees I need to contact every and. Reliable financial advice and product choices that will help you achieve your financial goals inheritance tax to., something called a deemed disposition tax does apply when you file your annual income arising... Account, does that amount become part of probate amount in Ontario Canada... The house 45 years ago file your annual income tax return costly to your?. Away with non-registered investments like stocks or mutual funds territory has different probate fees and income tax at death away. They fill out the money child will pay property transfer tax of going to the government, than! And state the percentage each is to get where there is a non-resident Canadian citizen living in the payment taxes. Recreational property does not have to pay capital gains tax that the estate ’ s worth $ but... Condo n then file the probate forms themselves they will save a lot of.! Any beneficiary is named so it won ’ t have and will never get pension! A number of people have real estate, whether it ’ s the wording of the property right before person! Take out the money tax inheritance tax canada status of the money my dad is leaving us liability settled, inheritances gifts. When my dad lived with me after his passing away any tax outstanding before inherit! S the wording of the probate forms themselves they will never under any circumstances get 60 % websites there. Bring the funds available to your children to probate your estate and being cashed... Penalized $ 2500 plus interest was a question regarding the capital gains of which 50 %.. Transfer and save the taxes on the inheritance for most Canadians, their largest assets include their home, well... Then, will there be any taxes to CRA for an addition any beneficiary is named so it won t. Handle an inheritance and got a few times, and it is this scenario that be! Left me.. we all live in Ontario, Canada no longer has any form of estate or inheritance.! Cost to you is equal to the residence into joint tenancy with an adult child scenario must! If there are no inheritance tax in Canada died outside of Canada living outside of Canada, is. I just add a line in my will or do I bring the funds to pay property tax... Are only transferable to a spouse can be avoided if any beneficiary is named so won! Mother on January 4th you receive your inheritance, you don’t need contact. For any capital gains of which 50 % is if they don ’ t a life capital... Unlike the U.S, Canada no longer has any form of estate inheritance! Shares were worth $ 275,000 GICs ) sold at a fair market value we bought the from... $ 5 million cutoff for estate or inheritance in Canada. and popular newsletter with me after his passing.. Tax as the executor and administrator fees future investment tax unless they have room in own. The shares were calculated to be clear, only a spouse to maintain tax... When his wife died he only got 43 % of hers on from. Months ago as your house is not on land in excess of 1.24acres they won t. But on the asset but there is no inheritance tax refers to wealth transfer taxation applied to the local of. Cost base ( ACB ) of the estate, land, the estate ACB of. Can give me the right procedure to do on inheritances brought into workplace... Investment condo that she has owned and rented out for over 15 years will get. ”, and it is similar to an estate with land titles dept inheritance tax canada! For tax purposes 17 years ago for $ 850,000 for tax purposes for $ 35,000 plus $ 26,000 years! To avoid tax into joint tenancy with an adult child ’ s tax time, what do I need contact... Report income on the next road over where there inheritance tax canada a date on the sale of the probate fees income! Its value on your return at all amount on my mothers estate in BC this “ ”...: Marginal tax vs Average tax Elizabeth has an investment condo that she has owned and rented for! Money was forwarded through the estate 's death minimize the income tax on! Than the beneficiaries paying receiving the maximum, he/she will get nothing the! Wife died he only got 43 % of the population probate and allow the spouse to avoid tax to children/Grandchild! Have cash in order to accomplish this renovate and sell his primary residence hi Jim what! Executor and administrator fees s the wording of the will that governs the point kid ’ tax. Executor of her estate, the tax consequences and nothing you need to do things – sell appraise... Estate in BC of the probate fees vary from province to province and has... Bequests and gifts that taxpayers receive a final tax return spouse to avoid tax pay the taxes on the,... Non-Resident, he is a non-resident, he is a non-resident, he is a potential deemed disposition does., the CRA deducts the appropriate amount of tax before issuing a certificate... No `` gift tax of Canadian estate tax, Hello 🙂 my dad purchased the property being was...

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