Determination of basis of basis of decedent’s primary residence.

Determination of basis of basis of decedent’s primary residence.

I am the personal representative for my brother’s estate. He in died in 2017 and the IRS has informed me that I must file a 1041 for 2017. His only asset was a condo, his primary residence for almost 20 years. Escrow for the sale of the condo will close soon. I will then distribute the proceeds. Will I be required to file a 1041 for 2018? How do I determine the basis for the condo? Is the estate entitled to the primary residence capital gain exclusion or does the estate receive a step-up in basis?

Asked on March 2, 2018 under Estate Planning, California

Answers:

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