Deductions & credits


@Irene2805 wrote:

Your situation is a little different in that she transferred ownership in 2007, but retained a life estate for herself.


The scenario set forth by @chrisjdowling is different than the statement quoted above (it is backwards).

 

The mother gave the son a life estate with her life as the measuring life for the term of the estate while, possibly, retaining a remainder interest (which, itself, is the reverse of the typical transaction).

 

If the mother did not retain a remainder interest then there could be a merger between the life estate and remainder, which would possibly result in the son owning the property in fee simple.