Hi again. I am doing my own turbo taxes. Two simple questions.
All fee simple tenants in common are the remainders, whom all were deceased prior to 2018,
except for one. The one tenant in common had a life estate whom did not die until 2018
The basis/step up bases is determined by which?
A. when the grandmother died in 2001
OR
B. when each remainder tenant in common becomes deceased
OR
C. when the one tenant in common whom had the life estate dies in 2018 (step us basis?)
Please let me know. I am asking because I am not finding the answer in any publication.
I would assume if C is the answer, the step up basis/value would be the same for all grandchildren (not different), each grandchild would have a different adjusted basis.
Their share of the sales price (less selling expenses) minus their adjusted basis.
Question #2 what form do we use
