Legal Question in Real Estate Law in Indiana
life tenancy on capitol gains
Grandfather, who died in 1962, left farm property(in Indiana) to 4 grandchildren, but with a life tenancy to Mother, who died in 1993. Mother left all her estate to Dad, who died in 2006, who had the farm income until he died. When did the capitol gains take affect? How does the life tenancy affect it?
Asked on 10/31/08, 2:55 pm
1 Answer from Attorneys
Re: life tenancy on capitol gains
There are no capiol gains until the property is sold. The basis however for the grandkids who survive will be based on 1962. The life estate has no bearing on this, nor does whatever your dad received, since mom only had a life estate.
Answered on 10/31/08, 3:56 pm
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