RE 121 EXCLUSION RE MY MESSAGE RE STEP UP BASIS

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Message Board RE 121 EXCLUSION RE MY MESSAGE RE STEP UP BASIS

This topic contains 1 reply, has 2 voices, and was last updated by Lynn Freer 1 week, 2 days ago.

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  • #124636
    Marco Ahtirski
    Participant

    Hi;

    Thank you for your speedy reply, you said that she get the $ 500,000 exclusion, I thought she would only get $ 250,000 since it was her separate property? We would take the sale price and deduct the appraisal from the selling price for the rental o k, what about the new basis from time of death until sale re rental?

    Please read my original message again and see if you can answer in more details re rental part

    Thank you

    Marco

     

  • #124652
    Lynn Freer
    Participant

    I believe she still gets the $500k because if he were alive she’d get the entire amount. He met the occupancy test but not the ownership test.