cost basis
Parents buy into a mutual fund in 1986. In 1992 they put son’s name on as a co-owner. Father passes in 1997, Mother puts son’s wife name on as co-owner. Mother passes in 2005. Son and wife are now owners. F and M had used some of the funds, so value is now less. What is the cost basis , the original purchase price or when son and wife became owners.?
Terry Says
The value on the date of death of the last to die is the basis for the new owners.
