Basis of Timber
In 2009 a mother who owned 200 acres of land with standing timber added her son's name on the deed to the property with a right of survivor ship. She died in 2010. The son sold the timber in 2015. The question is the basis of the timber he sold. My view he inherited it in 2010 and that he is entitled to use the stepped up basis. Any input will be appreciated.
In 2009 a mother who owned 200 acres of land with standing timber added her son's name on the deed to the property with a right of survivor ship. She died in 2010. The son sold the timber in 2015. The question is the basis of the timber he sold. My view he inherited it in 2010 and that he is entitled to use the stepped up basis. Any input will be appreciated.