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Life Estate vs Death Date House Inherited
My wife and her two sisters inherited their farther's house and no will was left.
Their farther remarried after their mother died about 25 years ago. The farther died 12 years ago with no will. The sisters agreed to a life estate with the stepmother until she moved or died. She moved out of the house in November 2005. The sisters sold the house July 2007. My question is what date do we use for tax purposes? The house was in the stepmothers name until she moved in 2005. I would think the date for taxes would have to be the date the stepmother moved out and signed the house over to the sisters. Please let me know your thoughts. |
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