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Life estate deed and the sale of the home
I have a tax return that the father had a life estate deed in which he and his son were on. The father passed away in March of 2023 and the son sold the home in November of 2023. I believe the son gets the full step up in basis , but my question what forms should that go on in Turbo tax premier. Is that considered inherit property?
There is no gain as the property step up wiped out any gain. He has not owned the property for 2 years and he has never sold any other home.
