Deeded property

2 replies
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A quick question. My wife's father added her to the deed of his condo in 2017. When he passes will the basis be the value when he added her to the deed of when he dies thank you for the help

Not A Product Question

TomK2023

Alumni - Intuit

The basis of property inherited from a decedent is generally one of the following:

The fair market value (FMV) of the property on the date of the decedent's death (whether or not the executor of the estate files an estate tax return.);
The FMV of the property on the alternate valuation date, but only if the executor of the estate files an estate tax return (Form 706) and elects to use the alternate valuation on that return.

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Anonymous_

Level 15

How is title to the condo being held? It makes a difference in this case.

If the goal is to minimize taxes when her father passes and she sells the condo, then she needs to consult with a local tax professional and or legal counsel.

See https://taxexperts.naea.org/listing/service/estates-gifts-trusts and

https://www.avvo.com/estate-planning-lawyer.html