I am the executor of my aunt's estate and also the benefactor of her home.The title will be placed in my name and I understand that its currentvalue will be my cost basis when I sell in the future(not presently selling-letting my father live there).What expenses for the house(cleaning/carpets/new hot tub) can I charge to the estate to lower her estate value for tax purposes?If it needed improvements to make it more sellable would they be allowed?Or do I pay for the improvements(out of nonestate funds) and then just add them to my cost basis?
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra