Discussion:Sect. 2035 - does giftee receive step up in basis?
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Discussion Forum Index --> Tax Questions --> Sect. 2035 - does giftee receive step up in basis?
| 27 March 2007 | |
| Under Section 2035 - 'Adjustments for certain gifts made within 3 years of decedents death', the decedent would add back to their estate any gifts given within 3 year of their death. So would the person who received the gift also receive the step up in basis? Would that become inherited property instead of a gift? Please also give any codes to refer to. | |
| 27 March 2007 | |
| only certain gifts are pulled back into the estate - life insurance is one and retained interest/life estate and gifts of life estate is another that comes immediately to mind. What gift are you referring to? | |
| 27 March 2007 | |
| Here are the details:
In 2004 the taxpayer put residence into joint names with son. In January 2006 the taxpayer put residence totally in son's name. No consideration was given, she continued to live there but there was no Life Estate mentioned in the deed. In February 2006 the taxpayer was deceased. | |
| 27 March 2007 | |
| have you been reading any of our discussions about implied life estate and IRC Sec. 2036? | |
| 27 March 2007 | |
| Kevinh5 - I don't see where section 2036 applies since as I mentioned in my details above there was no implied life estate. | |
| 27 March 2007 | |
| owners collect rent but don't pay it. Renters pay rent but don't collect it. So far looks like a retained life interest.
| |
Bushmaster (talk|edits) said: | 2 July 2008 |
| HAHAHAHAHA!!!!!!!!! Damn, you went back a long time to dig this one up!! | |
| 2 July 2008 | |
| well, I waited until the OP started asking other questions on the board. He is back now. I wasn't really waiting every day for a year and a half for the response to this particular thread. | |
Bushmaster (talk|edits) said: | 2 July 2008 |
| Sure you weren't. I can imagine what your favorites in Explorer look like. Categorized by website, code section, topic, poster, and date of last post. :) | |
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