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- Part 2 to Basis/Reported Tax Gain Contested Inheritance Question
Part 2 to Basis/Reported Tax Gain Contested Inheritance Question
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hmosbergea
Level 3
01-14-2023
03:29 PM
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Court Judgment of Possession took 10 years for Beneficiary to receive title to inherited property:
Home (vacant for the 10 years).FMV at dod =$130,000.
Sold for $200,000.
New Question!
Can any of the $60,000 (never deducted by the estate) paid by the Bene during the 10 years of contestment be added to basis as capitalized legal costs?
Legal expenses related to acquire, perfect, defend, or clear title to property are capital
expenditures.
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2 Comments 2
qbteachmt
Level 15
01-14-2023
03:48 PM
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You were asked this as a follow up question at the end of where you first posted the issue, here:
It helps to provide the details. "Can any of the $60,000"
The $60,000 doesn't tell anyone if that was repairs, electricity, property taxes...
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
Skylane
Level 11
01-14-2023
04:31 PM
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.... sounds like Bob pointed you in the right direction in the other post and asked pertinent questions. If you want to provide details someone will likely give you a response. The starting point for basis calculation is DOD not date of judgement.
If at first you don’t succeed…..find a workaround
