My husband inherited more than a year ago 1/3 interest in my mother-in-law’s primary residence. This property was in an exemption trust created at my father-in-law’s death eight years ago when the value was appraised at $300,000. The property is now valued at approximately $600,000. I had heard that a person inherits the character of property so can my husband take advantage of the Internal Revenue Code 121 principal residence sale tax exemption since the property was my mother-in-law’s primary residence?
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The law for that
>>can my husband take advantage of the Internal Revenue Code 121 principal residence sale tax exemption<<
The law for that has been signed but won't be effective before 2010. Depending on how the trust was set up (whether the widow inherited or just had the right to use), the property might get another stepped up basis as of the widow's date of death.
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