Okay, thank you for your response.
The tax basis on the properties you received would be the value as of the date they were transferred into your names, regardless of the life estate that was reserved.
The tax basis is the value of the property at the time it was transferred into your name plus the amount of any major repairs/improvements. This is the amount used to determine if any capital gains tax must be paid on the sale of the property when it is sold and any amount over that tax basis amount is the amount of money on which capital gains tax must be paid. Unlike an inherited property, your tax basis is based on the date of the naked ownership of the property being placed in your name, not the date of death of the life estate holder.
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