@Salparadise808 wrote:
If I am missing some details in this explanation that would help facilitate an answer, please let me know.
One critical detail you missed was stating whether or not the life tenant passed or is still alive and that person simply quitclaimed the interest to you as the remainderman (so that you owned the entire property).
If the former is the case (i.e., the life tenant passed away), then you succeeded to sole and exclusive ownership of the property by operation of law and your basis for the assets is the fair market value on the date of death of the life tenant.
