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Personal Finance and Investing

PoindexterOglethorpe

(27,999 posts)

9. If the houses passes in a will,

Reply to progree (Reply #8)

Sun Nov 12, 2017, 08:47 PM

Nov 2017

the cost basis becomes the value the day the original owner died. If passed by quit claim deed and simply putting another person on the deed, it's the same as if both names were on the deed from the date of purchase. The tax guy is right.

However, the increase in value on this property isn't too huge, and the current owner will pocket a tidy sum of money.

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Tax question [View all] russ1943 Nov 2017 OP

Probably the right group. elleng Nov 2017 #1

I believe her basis is the amount the condo was worth at the time of Gertie's death Angry Dragon Nov 2017 #2

We'd like that. russ1943 Nov 2017 #3

Straight from the horses (The IRS) mouth; A HERETIC I AM Nov 2017 #4

Dunno, but it's not a simple inheritance. A quit claim deed is a transfer of ownership while progree Nov 2017 #5

Here's another: quit claim deed vs. transfer on death deed progree Nov 2017 #6

I'm pretty sure that PoindexterOglethorpe Nov 2017 #7

I don't think putting someone on a will ever has any tax effect at the time progree Nov 2017 #8

If the houses passes in a will, PoindexterOglethorpe Nov 2017 #9

My sister inherited a house, and the basis was the FMV at day of death progree Nov 2017 #10

Right. You inherited in a will. PoindexterOglethorpe Nov 2017 #11