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119458xring

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  1. 119458xring

    Confused Remainderman

    The property at issue here is located in North Dakota. When John Sr died the attorney filed a Joint Tenancy & Life Estate termination statement which shows Mary was the surviving joint tenant of the life estate. Would the treatment of the basis for joint tenancy be the same as community property? John Jr is a resident of Washington state. Really appreciate the information. Thanks!
  2. 119458xring

    Confused Remainderman

    Mary and John set up a life estate in which they were the life tenants for a section of farm land. John Jr is the remainderman. John Sr passed away approximately 15 years ago, Mary died about 10 years later (5 years ago). An appraisal was done on the land after Mary passed. If John Jr chooses to sell the farm land now is he able to use the appraised value at the time of Mary's death as a basis to determine his gain for tax purposes?
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