My question involves figuring the cost basis for capital gains tax on a sale of an inherited farm.
In 1996 my uncle died and his will left my father a life estate in a farm with me inheriting the farm. Inheritance taxes were paid at the time by the estate.
In 2002, my father died and I became the remainder man of the Life Estate. I sold the farm in 2018 and need to pay the capital gains on the sale. Would my basis for capital gains purposes be the value of the farm at the time of my uncle's death in 1996 or my dad's death in 2002?
A similar issue was posted by Mbrother11 in 2013 but his question was'nt officially answered.
In 1996 my uncle died and his will left my father a life estate in a farm with me inheriting the farm. Inheritance taxes were paid at the time by the estate.
In 2002, my father died and I became the remainder man of the Life Estate. I sold the farm in 2018 and need to pay the capital gains on the sale. Would my basis for capital gains purposes be the value of the farm at the time of my uncle's death in 1996 or my dad's death in 2002?
A similar issue was posted by Mbrother11 in 2013 but his question was'nt officially answered.
Federal Taxes: What is the Cost Basis when a Life Estate Ends
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