Brittney purchased a home eighteen years ago for $750,000. She married Sam two years ago when the house was worth $2,250,000. Brittney and Sam live in a community property state. Assume Brittney died today and gave her interest in the property to her children Sean and Jayden. The property is currently valued at $3,000,000.
Question 26: What is Sean and Jayden’s basis in the home after Brittney’s death?
Question 27: What is Sam’s basis in the home after Brittney’s death?
Question 28: Is the house included in Brittney’s probate estate? Why?
Question 29: If so, what is the house’s value in Brittney’s probate estate?
Question 30: Is the house included in Brittney’s gross estate? Why?
Question 31: If so, what is the house’s value in Brittney’s gross estate?