Basis of Inherited Property (with a twist or two)

[Bees Knees]

Suppose the mother turned the home into a Bed & Breakfast. Would the goodwill get a stepped-up basis when she dies, or is that included in the existing property value?

The goodwill is a separate asset that is created apart from the existing property. It would get step up of basis on the mother's death.

[JG EA]

Don't you mean the nth years? Because, how do you know? (Maybe the nursing home has a plan for when the money runs out.)

Sorry messed that up, I edited but am not sure it makes any more sense. That's what I get for trying to post in the day time.

At night I'm tired, but in the day I'm in a hurry. No wonder my board communication skills are at the zeroth degree.