Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.