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?
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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