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Life estate

  • 1.  Life estate

    Posted 10-29-2018 11:42
     Two sisters were named in a life estate of their mother and father. The deed is transferred in 2006 into the life estate. Now the mother is still alive the father having passed away one year ago. Can the mother get a step up in basis for the half passed by the father?. And since the property is going to be sold in 2018 can we get A $250,000 or $500,000 exemption on the sale of the residence?

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    Yours truly
    Andrew Langus
    WEB PAGE:     ANDREWLANGUSCPA.COM
     
    ANDREW M. LANGUS CPA
    666 OLD COUNTRY ROAD SUITE 412
    GARDEN CITY, NEW YORK 11530
    516-739-0221
    516-393-5556 fax

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  • 2.  RE: Life estate

    Posted 10-30-2018 10:07

    It may be possible and depends upon the deeds and history.