TaxGuyBill
Level 15
12-06-2019
11:29 PM
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I disagree, it is possible that the son not living in the house IS relavant.
What was the purpose of transferring it to the child? Did the dad continue to have full use of the home until he died? Was the home sold after the father died?
It might be an implied Life Estate situation, in which case the Basis would be the Fair Market Value on the Date of Death.
What was the purpose of transferring it to the child? Did the dad continue to have full use of the home until he died? Was the home sold after the father died?
It might be an implied Life Estate situation, in which case the Basis would be the Fair Market Value on the Date of Death.