I was Deeded property in 2005 but it was Reserved unto the Grantors an estate for life. Can I get the step up value as of 2021 when the last grantor passed? FMV date?

282

Level 15

Aug 30, 2022 12:48:25 PM

Yes, you get stepped-up basis. Your basis is the fair market value on the date of death of the last person who had a life estate.