Can I calculate cost basis of the land inherited from ex-wife on her death as value at her death when we co-owned with right of survivorship the land per divorce decree?

Ex and I were married for a long time. We purchased some raw land and lived in mobile homes. We divorced in 2013. Part of the divorce decree was that she got to continue to live by herself on the land and we "remain joint co-owners" and "with each party having a 50% undivided ownership interest with a right of survivrorship". Her death in 2017 resulted in my 100% ownership. The raw land was sold in 2018 with no dwellings remaining. Can I calculate the cost basis for her 50% part of the land as the value of the land at the time of her death?

540

1 Best answer

Intuit Alumni

Jun 4, 2019 5:37:42 PM

Yes. Her 50% portion will be treated as an inheritance with the FMV as of the date of death. Your 50% will have it's original cost as its basis.

Intuit Alumni

Jun 4, 2019 5:37:42 PM

Yes. Her 50% portion will be treated as an inheritance with the FMV as of the date of death. Your 50% will have it's original cost as its basis.

New Member

Jun 4, 2019 5:37:44 PM

Thanks! What does "TurboTax TaxPro" mean?

Intuit Alumni

Jun 4, 2019 5:37:45 PM

Either a CPA or EA

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Can I calculate cost basis of the land inherited from ex-wife on her death as value at her death when we co-owned with right of survivorship the land per divorce decree?