It’s been a while, but if I remember correctly, when my father died, everthing automatically went to my mother…spouse inherits without probate. A few months later when she died, her date of death became the new basis date and everything was calculated as of its value on that date for the estate.
I would think if Grandma did QC to herself and daughter, then daughter only owns 1/2 of the house value and it may have to go through probate (if Grandma didn’t have a living trust) since daughter is obviously not a spouse.
At any rate, I’ve gone all around your question. I believe the basis is date of death. The attorney handling the estate can answer this for the daughter…
Posted by Randy (SD) on August 10, 2005 at 14:15:24:
Depends on how title was held, more pertinent information is needed. Grandma filing a quitclaim deed to her and her daughter they could be joint tenants with right of survivorship, tenants by entirety (and several others I can’t think of right now) the point is competent legal advice is recommended. The answer to your question is the basis is calculated from the date of death but if their joint tenants with right of survivorship, there is no basis she automatically inherits the property 100 percent.