@TomD8 wrote:
Here's the text of the U.S. law regarding the cost basis of gifted property:
https://www.law.cornell.edu/uscode/text/26/1015
As far as I know, there is no provision in the U.S. tax code for applying a stepped-up basis to gifted property.
I agree. Gifts do not receive a stepped up basis under US tax law.
A life-estate may receive a stepped-up basis, but a life-estate is not quite a "gift" (gifts are generally unconditional).
You may wish to consult a tax planner.
