mardi 31 octobre 2017

Valuation of Assets: Life Estate Ended, Home Sold, Basis to Remainder Men

My question involves estate proceedings in the state of: Texas

My father created a living will that gave my stepmother a life estate in his home. My father passed in 1996 and my stepmother passed in September 2017. The property will be sold in November 2017.

My siblings and I are the remaindermen.

What date do we use to determine the basis for gain or loss - the date my father passed? Or, the date my stepmother passed?

Is there a stepped up basis?

What expenses from the sale may we deduct this year?


Valuation of Assets: Life Estate Ended, Home Sold, Basis to Remainder Men

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