"Admiral Addison" <addison3s[at]hotmail.com> wrote:

- quote -

Your half plus the date of death value on the other half.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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Admiral Addison wrote:

- quote -

If you actually pay 50% of the down payment and half of all
other expenses, then when your father dies the basis on half
will go up to market value on the date of his death. If
he's really paying for the whole thing but just putting your
name on title, the entire value will be included in his
estate for estate tax purposes, and the basis should go up
on the entire value.

Stu

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I am considering jointly purchasing a condo with my father,
with each of us owning 50% of the condo. The condo would be
paid for in cash and would be held as a JTWROS.

Assuming that I outlive my father, what would my cost basis
be once the property tranfers completely into my name upon
his death? I understand that my half would keep the
original cost basis (as of the purchase date). Would the
other half that I receive upon his death be stepped up as of
the date of death, or would it also keep the original cost
basis?

Thank you.

<AA
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