Discussion:Basis on death when life estate

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Discussion Forum Index --> Advanced Tax Questions --> Basis on death when life estate
Discussion Forum Index --> Tax Questions --> Basis on death when life estate

Link1time (talk|edits) said:

10 February 2008
In 2001, Mother by deed of gift gave real estate to her three children but retained a life estate. Mother died 2007. What would be the children's basis in the property?

Kevinh5 (talk|edits) said:

10 February 2008
Link, what did the search yield?

Riley2 (talk|edits) said:

10 February 2008
FMV on date of mother's date of death.

Ddoshan (talk|edits) said:

11 February 2008
FMV on date of mother's date of death.

For the whole property or just step up in basis on Mom's remaining interest in the property?

Riley2 (talk|edits) said:

11 February 2008
The entire property is stepped up under the retained life estate rules of Sec. 2036(a).

Link1time (talk|edits) said:

11 February 2008
Thanks everyone. Seems I'm seeing this more and more but I often have trouble interpreting the tax codes. I'm a one man operation so its great having this resource to get second professional opinions.

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