@pattylovelife wrote:
C. when the one tenant in common whom had the life estate dies in 2018 (step us basis?)
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.
All of the tenancies would be subject to the life estate so the basis would be the fair market value of the last life tenant to die. However, from your initial post, it appeared there was a gap after last life tenant died (in 2018) and it is not exactly clear whether there were remaindermen alive after the life tenant died or whether they were all deceased at that point in time.
In addition to the (formerly) missing facts, no one here can examine the deeds and other documents to make a precise determination. Rather, we can only provide answers based on assumptions. That is not good and the rationale behind suggesting you consult with a local tax/legal expert who can examine all of the relevant documents.
