Taxfun
Level 3
02-03-2021
10:12 PM
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thanks for the reply. good point. I did not thought about that.
No they did not reside in a community-property state. so if
1) if the father the sole owner, the basis should be FMV at date the death.
2)if they jointly owned the house, the father's portion should be FMV of the death. mother's portion should be the adjusted basis of mother's adjusted basis
Is it right?