Deductions & credits


@Stumbles wrote:

Do I even want a CPA or need tax attorney?


No, you probably do not need to engage a tax accountant or tax attorney because this scenario is rather straightforward.

 

Since your father furnished the entire purchase price of the jointly held (JTWROS) property, the entire value is included in his gross estate. As a result, your basis in the property is stepped up to its full fair market value as of the date of death of your father.

 

@Stumbles