Ned Devine
Level 3
04-20-2022
12:21 PM
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I am retired and part-time now and try to stay away from difficult tax returns. However, I have been approached by a friend concerning a beneficiary deed and wanted to make sure I am giving him the correct information.
He obtained real estate from his mother via a beneficiary deed. My understanding is that the property immediately became his upon her death.
Is this treated the same as a will?
If so, is his basis the value of the property at the date of her death?
More or less, that if he sales close to the time the property became his, it will be a wash sale resulting in little or no capital gains taxes?
Thanks for any input!