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URL:  http://boards.fool.com/gift-property-taxes-14678081.aspx

Subject:  gift property taxes Date:  4/1/2001  8:30 PM
Author:  akatschi1 Number:  49425 of 121095

In 1983, my father gifted my brother and myself a property that my brother lived on from before then to when he and I sold it in 2000. My father officially lived there from 1986, but I could probably prove he was there from 1983. My father died in 1998. My brother and his wife will take $500,000 in capital gains exclusions. I am wondering if my tax basis can be stepped up to 1998 when my father died; none of them paid rent to me and the intent at the time the property was gifted was to avoid inheritance taxes. I paid the taxes in 1998. Otherwise my basis will be my father's basis when he inherited it in 1953.

Thank you for any information.
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