Legal Question in Wills and Trusts in New York
Inheretance and sale of a home.
Do you know the cost basis for tax purposes of an inhereted home and subsequrnt sale?
If an item that was left to you is claimed not to have been found by the executor can I sue?
Asked on 3/06/07, 2:23 pm
1 Answer from Attorneys
Norman Nadel
Norman Nadel, Esq.
Re: Inheretance and sale of a home.
The cost basis for tax purposes of a home, which passes to you as a result of the death of the another, is the fair market value of the home at the time of death. If an item is specifically given to you in a Will, you, and not the executor, have the burden of looking for it.
Answered on 3/06/07, 3:50 pm
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