Question

Anne owned a home with her sister as joint tenants with rights of survivorship. The home was inherited by Anne and her sister from their mother. Anne died and is survived by her sister. Which of the following statements is correct? OThe tull value of the home must be included on Part 2 of Schedule E, minus any consideration that the sister has furnished (and can OThe full value of the home must be included on Part 2 of Schedule E, regardless of any consideration the sister has funished One-half of the value of the home must be included on Part 2 of Schedule E Mark for tollow up

Answer 1

Solution:-

The option "3" was the correct answer.

On the Estate Form of the 706 ,The qualified interest was shown on the part 1 of the schedule E and the other was jointly owned interest are would be shown in the part 2.

for that the property was received under the inheritance was only proportionate share of the tenants are would be included, here there was only 2 joint tenants therefore the only 1 value would be included.

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