MOM PLACED HER HOME IN A LIVING TR FOR HER CHILDREN. SHE DIED IN 8/2017. THE HOUSE WAS SOLD IN 3/2018 FOR $450,000. IS THE COST BASIS THE FMV ON THE DATE OF HER DEATH?

MOF0324 · ‎June 6, 2019

OUR DAD PREDEASED OUR MOM. THE HOUSE WAS BOUGHT OVER 40 YEARS AGO FOR AROUND $40,000.

MaryK1 · ‎June 6, 2019

Yes, you will use the stepped up basis- fair market value on date of death.

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MaryK1 · ‎June 6, 2019

Yes, you will use the stepped up basis- fair market value on date of death.

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