Daughter's gift basis???
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Widowed mother gifts personal residence to daughter retaining life estate rights to live there. Property is sold while mother is still living. What is daugher's basis in the property?
Helpful Answer
The daughter's basis is the mother's basis less the basis attributable to the life estate at the time the gift was made. IRS has dictated the formulas for computing this based on age and interest rates. It should have been computed at the time the gift was made-for gift tax reporting purposes.
Answer
Her basis will be the same basis as the mothers basis
Answer
The daughter's basis is the mother's basis less the basis attributable to the life estate at the time the gift was made. IRS has dictated the formulas for computing this based on age and interest rates. It should have been computed at the time the gift was made-for gift tax reporting purposes.
Answer
I concur with sjrcpa.
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I stand corrected and agree with sjrcpa and Accountant man, please excuse my inaccurate response
