Personal Finance and Investing

PoindexterOglethorpe

(25,816 posts)

7. I'm pretty sure that

Reply to russ1943 (Original post)

Sun Nov 12, 2017, 06:25 PM

Nov 2017

the cost basis in this case is the original price of the condo.

If it had gone to the sister in a will, then the cost basis would be its value the day Gertie died.

And yes, putting a person's name on the will ought to trigger a taxable gift, but usually that gets overlooked, even by the IRS.

While it's nice to avoid probate, there can be disadvantages to this kind of property transfer.

And the best thing is going to be to contact someone who does taxes for a living.

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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