House Being Sold By Deceased Estate

[BOB W]

Because of unusual circumstances the decedents estate is selling the home within the estate. there is a gain if decease basis is being used.

My question, what basis is used when the estate of the deceased is selling the primary residence of the deceased?

[Bees Knees]

FMV of house on date of death, plus selling costs plus any improvements after death.

In other words, the estate gets the same step up in basis that a beneficiary gets. The estate is simply another beneficiary.

[ChEAr$]

Thinking back

FMV of house on date of death, plus selling costs plus any improvements after death.

In other words, the estate gets the same step up in basis that a beneficiary gets. The estate is simply another beneficiary.

Exactly what I had been telling an exeuctor about the house owned by her father who finally passed away. House didn't sell for another two years, and I had advised her about determing FMV as of
date of death in order to calculate any gain or loss.

So the house sold,two years later. The lawyer handling sale prepared a form which attested to the fact that it had been a personal residence, and therefore issued no 1099S form.

Have you ever told , or tried to tell, a client that the lawyer didn't know diddly squat about tax
law?

[S T]

Estate

There is also an election for alternate valuation within 6 months, however it does apply to all assets of the estate.

Sandy

[BOB W]

Thank you all for your replies...........................