http://www.texaswillplanner.com/blog/2010/02/new-income-tax-problems-probate/ Legal practice areas include Elder Law, Medicaid Planning and Application, Estate Planning, Wills, Trusts, Guardianship, Texas Probate Law, Life Care Planning, along with Bankruptcy Law. Sat, 19 Mar 2011 10:15:31 -0600 http://wordpress.org/?v=2.8.6 hourly 1 http://www.texaswillplanner.com/blog/2010/02/new-income-tax-problems-probate/comment-page-1/#comment-3355 Randy Washburn Sat, 19 Mar 2011 10:15:31 +0000 http://www.texaswillplanner.com/blog/?p=31#comment-3355 Does the "other amounts spent on the property" include siding, water sprinkler system, central heating installation, and improvements performed by the owner? Can these things be estimated and what would be the basis/proof that would need to be provided to the IRS? I know the approximate cost of the house in 1956 dollars and isn't there some inflationary evaluation that can elevate that cost basis or is that just one of the hidden taxes? Does the “other amounts spent on the property” include siding, water sprinkler system, central heating installation, and improvements performed by the owner?
Can these things be estimated and what would be the basis/proof that would need to be provided to the IRS? I know the approximate cost of the house in 1956 dollars and isn’t there some inflationary evaluation that can elevate that cost basis or is that just one of the hidden taxes?

]]>