abctax55
Level 15
08-26-2021
04:41 PM
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"...so I assume the cost basis will be the FMV (my emphasis) on the mothers/grandmother's date of death?"
oops....disregard my comment below. Read too fast.... Dad inherited, so FMV is correct.
That's not correct, his basis would be HER cost if she GIFTED it to him. And if he then gifted it to his kids, that same cost basis is used.
HumanKind... Be Both