mesillakid
Junior Member
What is the name of your state? New York
When someone dies and their assets are passed to the successors the stocks/mutual funds adjust their basis (acquisition price) to the day of the death. How is property such as a home and raw land treated? Does it readjust it's basis as well? And lastly, can property (in this case raw land which has had great appreciation) be transfered to a family member who is expected to die soon and have the basis of that property adjust to the value of the day of the death...and then through the will be passed back to the former owner?
Sorry, that last question sounds kind of scummy...but I'm curious.
Thanks!
When someone dies and their assets are passed to the successors the stocks/mutual funds adjust their basis (acquisition price) to the day of the death. How is property such as a home and raw land treated? Does it readjust it's basis as well? And lastly, can property (in this case raw land which has had great appreciation) be transfered to a family member who is expected to die soon and have the basis of that property adjust to the value of the day of the death...and then through the will be passed back to the former owner?
Sorry, that last question sounds kind of scummy...but I'm curious.
Thanks!