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Please Answer All Questions!! Fact Pattern #6: Simone purchased a home eight years ago for $200,000. She married Jonathan two years ago when the house
Please Answer All Questions!!
Fact Pattern #6: Simone purchased a home eight years ago for $200,000. She married Jonathan two years ago when the house was worth $750,000. Simone and Jonathan live in a community property state. Assume Simone died today and gave her interest in the property to her children Luke and Leia. The property is currently valued at $900,000. Question 26: What is Luke and Leia's basis in the home after Simone's death? Question 27: What is Jonathan's basis in the home after Simone's death? Question 28: Is the house included in Simone's probate estate? Why? Question 29: If so, what is the house's value in Simone's probate estate? Question 30: Is the house included in Simone's gross estate? Why? Question 31: If so, what is the house's value in Simone's gross estate?
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