The property was deeded to the remaindermen when the life tenant died. For income tax purposes, how is the property valued to calculate profit or loss, stepped up value or original value?For life estate property, do the remaindermen use the step up value or the original purchase value?
The gift is not complete until the life tenant dies so the basis is not stepped up until then.For life estate property, do the remaindermen use the step up value or the original purchase value?
when the property changed hands, the value at that time is the basis
No comments:
Post a Comment