Deeded property w/full survivorship rights

[punchyp]

I am re-posting this message as directed by buying/selling home forum.

My mother Deeded the 5 Siblings her property 13 years ago, but she had full
survivorship rights. She Died in March 2005, and one Sibling bought the Property from the other 4 at appraised value (probably less than market value)
Are we subject to Capital gains or loss from the time she deeded or the day of her death? I was told by one attorney that it is considered an incomplete
gift until the day she died, thus our capital gains would be calculated from the day she died to the day we sold.

We are in Indiana

[anteater]

Originally Posted by punchyp

My mother Deeded the 5 Siblings her property 13 years ago, but she had full survivorship rights.

Guessing that you mean that your mother retained a life estate and the Sibs are the remaindermen.

I can't cite chapter and verse, but, as I recall, the remaindermen still receive a step-up in basis to the fair market value on the date of the life tenant's death. I would say that the attorney is correct and any capital gains would be minimal, if any.