What is the name of your state (only U.S. law)? Illinois
I am aware of the 'step up' in basis for capital gains upon inheritance (for simple circumstances).
My grandmother's will bequeathed a life estate in all her real estate (owned free and clear) to my uncle for his lifetime.
I am the remainderman for the real estate.
If I eventually sell the real estate after my uncle's death, is the capital gains basis the value at the time of my grandmother's death or the value at the time of my uncle's death?
For the purposes of estate tax, is the value of the real estate included in the estate of my grandmother, my uncle, or both?
I would assume that the 'step up' in basis would occur each time the value of the real estate is included in an estate for estate tax purposes.
I would appreciate any URLs that provide relevant information about my specific circumstances.
I am aware of the 'step up' in basis for capital gains upon inheritance (for simple circumstances).
My grandmother's will bequeathed a life estate in all her real estate (owned free and clear) to my uncle for his lifetime.
I am the remainderman for the real estate.
If I eventually sell the real estate after my uncle's death, is the capital gains basis the value at the time of my grandmother's death or the value at the time of my uncle's death?
For the purposes of estate tax, is the value of the real estate included in the estate of my grandmother, my uncle, or both?
I would assume that the 'step up' in basis would occur each time the value of the real estate is included in an estate for estate tax purposes.
I would appreciate any URLs that provide relevant information about my specific circumstances.