transfer on death

JMV48 — Mon, 30 Mar 2020 13:35:00 GMT

My uncle passed away July 2018, property was sold July 2019, he paid $55,000, was sold for $60,000.

In 2007 after his wife passed away he had a transfer on death affidavit made and named 6 nephews and nieces as beneficiaries, he had no children, I was the executor. Is the cost basis, his purchase price $55,000, or the FMV on the date of death?

Re: transfer on death

Anonymous_ — Mon, 30 Mar 2020 14:18:42 GMT

@JMV48 wrote:

Is the cost basis, his purchase price $55,000, or the FMV on the date of death?

TOD accounts bypass probate but are included in the gross estate of the decedent and receive a stepped-up basis as a result (stepped-up to the FMV at the date of deeath.

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transfer on death

Re: transfer on death