tclacy[at]bellsouth.net wrote:

- quote -

Interesting question. It seems to me that the full value of the
property would be included in your grandmother's estate for estate tax
purposes, because the gift to your mother was a terminable interest.
As a terminable interest it would not be included in your mother's
estate, so the basis would be grandmother's date of death.

That's my off the top of the head guess, at any rate.

Stu

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My grandmother passed away in September 1995 and in her will gave a
life estate to her daughter (my mother) for the family farm. I was
named the remainder man in my grandmothers will. The title to the farm
was recorded in my mothers name with the County Clerk and she paid
property and income taxes from the rent she received. My mother died
in March 2008. The property and title was then transferred to me. I
sold the farm in November 2008. Is my stepped up basis the date I was
named the remainder man in my grandmother’s will (September 1995) or
when my mother died in March 2008?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >