Dad died and we're doing his 706. All assets other than this one are included in the Family Trust.
I think I should put the property in the bottom half of Schedule E at 50% then take off another 50% for Mom's CP interest. Agree?
Mom wants the interest to go to the Bypass Trust. I don't think we can do that but what happens to it? Does son acquire 1/2 of the 25% interest of Dad? Does Mom just continue as a 50% joint tenant? Mary Kay Foss
I would think that each of the two surviving tenenats would receive a step up in basis equal to 1/2 of the 25% interest included in the decedent's estate. Also I would think it would be agressive to adjust the basis for the surviving spouse's 25% contributory interest as a community property interest.
Please tell us the exact vesting on the deed in. John Jacobson