If one adds their children's names to their house deed, does this allow the children to receive "step up cost" in the home?
Full Question:
If one adds their children's names to their house deed, does this allow the children to receive"step up cost basis" in the home? Is this the same or as good as doing a "Warranty Deed with Retained Life Estate"?
05/19/2007 |
Category: Real Property ยป Deeds |
State: Mississippi |
#5349
Answer:
A person will not receive a step-up in its cost basis if the home was given to as a gift during the owner's lifetime. If, however, a child inherits a home as a result of a parent's death, the cost basis of the home shall be the home’s value on the parent's date of death.
