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re: Timberland Value in 2008 To Calculate Capital Gains On 2023 Taxes. Who do I contact?

Posted on 3/8/24 at 9:27 pm to
Posted by LSUFanHouston
NOLA
Member since Jul 2009
37202 posts
Posted on 3/8/24 at 9:27 pm to
quote:

It'll be your dad's cost basis. So, what your dad paid for it. His wife didn't get a step up in basis as they were married. You didn't get a step up in basis because it was gifted to you.


Louisiana is a community property state. So when dad died, stepmother (his wife, i assume) took a basis equal to 100% of FMV at dad's DOD.

When stepmother gifted to the OP, the OP took stepmother's basis in the property due to the gift.

The OP needs a retroactive appraisal. Remember, if you can't prove basis, the basis is zero.

To everyone else on here, please please get appraisals done at date of death. Usually they are done via probate, but if assets pass outside probate (such as a revocable trust) these things tend to get missed.

It's much easier to deal with this in relative real time.
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