Personal Finance and Investing

progree

(11,979 posts)

10. My sister inherited a house, and the basis was the FMV at day of death

Reply to PoindexterOglethorpe (Reply #9)

Sun Nov 12, 2017, 10:53 PM

Nov 2017

We both inherited some stock -- same thing -- the basis was FMV at day of death. I also had a farm quit-claimed to me, and it was a transfer of ownership from my parents to me, as expressed in the trust agreement and the will (my sister was the executor of the estate, and she and her lawyer wrote and filed the quit claim deed). The basis was the FMV on the date of death.

It would have been frankly impossible, and the IRS recognizes this, for inheritors to go through the original owners' papers to try to establish what they paid for it 40 or 60 years ago or whatever -- not just the house, not just the farm, but every lousy share of stock.

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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