It is natural for people to be attached to a place filled with pleasant summer memories, relaxation and unforgettable family get-togethers. It is also common to want to pass on to the children this home away from home, which can increase in value a great deal over time.

But did you know that when this property is transfered to the children, the tax authorities have a surprise in store for them! The heirs may have to sell the property to cover the taxes they will have to pay. Capital gains on a secondary residence is taxable.