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Deductions & credits
The house was sold 15 months after her death for $716,000, but she is estimating the basis at his death (Dec 2018).
I'm not sure what to tell you here. If she had a life estate, then she acquired the remainder at his passing and owned in severalty. When she passed, the basis would be stepped up to its FMV at her passing.
The term 'remainderman' was not mentioned in the will...
It doesn't have to be mentioned if she was on the deed. There are some facts missing here, but it appears as if the father was the only person on the deed.
‎February 22, 2025
7:14 AM