Mhaj
Level 1
06-03-2021
09:19 AM
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I have a question that I need help with.
- Father dies in 2016 leaves his house in trust to his wife in a life estate, upon her death house goes to his son.
- Wife lives in home pays all mortgages and collects rent on a cottage on property.
- Wife dies in 2020
- Son Sells home in 2020
Is the cost basis DOD of the Father in 2016, or DOD of the life tenant in 2020?
Does the son need to recapture any of the depreciation from the rental of the life tenant?
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