french parents giftt a french rental apartment to US daughter but retain lifetime use.Is there a stepped up cost cost basis in US when it is sold after their deceased? Known as usufruct type of ownership as in louisiana.
Asked on 3/02/12, 11:12 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
No, if they gifted it during their lifetime, there is no step-up on their death.
Answered on 3/02/12, 3:58 pm
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