Do I qualify for step up basis ?

My wife's mother quit-deeded her home to my wife in 1997 but stipulated in the deed that she retains all rights in the premises during her lifetime; including all rights of homestead and the right to sell and/or morgage without consent of the Grantee. The deed was filed. She passed away in April. In her living revocable trust she leaves all assets to my wife. Can we use the step up basis when we sell the home. The home is in Fl.

2 years ago - 1 answers