Question
Greta and Greg were married for 15 years and have a daughter, Elise. Soon after they were married, they bought their first home for $100,000.
Greta and Greg were married for 15 years and have a daughter, Elise. Soon after they were married, they bought their first home for $100,000. Last year Greg was killed in a car accident. In his will, he left everything to his daughter Elise. The value of the home when Greg died was $800,000. Please fill in the last column of the chart.
Assume that they do not live in a community property state, Greta contributed $25,000 and Greg contributed $75,000 to the original purchase of the house, and that the house was titled Tenants in Common. | Assume that they do not live in a community property state, that Greta contributed $25,000 and Greg contributed $75,000 to the original purchase of the house, and the house was titled Tenancy by the Entirety. | Assume that they LIVE IN WISCONSIN, A COMMUNITY PROPERTY STATE, and purchased the house with community funds. | Assume that they LIVE IN WISCONSIN, A COMMUNITY PROPERTY STATE, but Greg purchased the house with separate funds and titled the house Fee Simple Sole Owner. | ||||
Tenants in Common | Tenancy by the Entirety | COMMUNITY PROPERTY STATE with community funds | COMMUNITY PROPERTY STATE separate funds Sole Owner | ||||
Amount in Greg's Gross Estate |
|
|
| ||||
Amount in Greg's Probate Estate |
|
|
| ||||
Who receives Gregs ownership stake? | Elise | Greta | Elise | ||||
Greta's tax basis in the house after Gregs death |
|
|
| ||||
Elise's tax basis in the house after Gregs death |
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started