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MandC
New Member

How do i report sale of an inherited home with a life estate?

Parents set up a life estate for the house they owned in New York in 2003.  Lawyer they used filed form 709 for them in 2004.  House was deeded to brother and I in 2004.  Deed states grantors reserve to themselves for remainder of life the use of the house, etc.  Dad died in 2009.  Mom died in 2015.  House was apprised in 2016 for $260K.  House was vacant until sold.  House sold in 2018 for $270K.  What do i use as the basis of the house?  1) the donors adjusted basis, 2) the value at date of gift, or 3) the FMV at death of Mom?  Can you point me to a reference? 

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1 Reply
ee-ea
Level 15

How do i report sale of an inherited home with a life estate?

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