Father assigned bother and myself as Joint Tenants with full right of survivorship in 1981. We inherited property in 2009 from the passing of father. Trying to determine market value or basis of inherited property; should it be based on inherited year or year we were assigned as joint tenants?
You'll need to sign in or create an account to connect with an expert.
Were you and your brother the only owners starting in 1981? If so, then you did not inherit the property. It was a gift from your father in 1981, and you and your brother owned it since then. Your father's death did not change the ownership of the property. If this is the case, your basis is your father's basis at the time of the gift, which is probably what he paid for the land when he originally bought it.
If all three of you were joint tenants from 1981 to 2009 - you, your brother, and your father - then you inherited only your father's 1/3 of the property when he died in 2009. Your basis for the 1/3 that you inherited is 1/3 of the fair market value on the date of your father's death. Your basis for the 2/3 that you owned since 1981 is 2/3 of your father's basis at the time that he gifted the 2/3 ownership to you, as I described above.
Either way, of course, you have to split the basis between you and your brother.
Were you and your brother the only owners starting in 1981? If so, then you did not inherit the property. It was a gift from your father in 1981, and you and your brother owned it since then. Your father's death did not change the ownership of the property. If this is the case, your basis is your father's basis at the time of the gift, which is probably what he paid for the land when he originally bought it.
If all three of you were joint tenants from 1981 to 2009 - you, your brother, and your father - then you inherited only your father's 1/3 of the property when he died in 2009. Your basis for the 1/3 that you inherited is 1/3 of the fair market value on the date of your father's death. Your basis for the 2/3 that you owned since 1981 is 2/3 of your father's basis at the time that he gifted the 2/3 ownership to you, as I described above.
Either way, of course, you have to split the basis between you and your brother.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mjmoor60
New Member
151b7ed11f61
New Member
wbjamaica-aol-co
New Member
pattiaus
Level 2
4896tree99
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.