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R
RN93
Level 2
April 10, 2023
Question

T1255

  • April 10, 2023
  • 1 reply
  • 6 views

Does a T1255 need to filed when the property is JTWROS and there is a surviving spouse taking over the property? If so then what value do I put for the amount of deemed disposition if they do not have an official estimate of the fair market value? 

This topic has been closed for replies.

1 reply

J
janisbossenberry
Level 7
April 10, 2023

The rollover to the spouse from a deceased taxpayer takes place at the adjusted cost basis, not fair market value.  A T1255 is not required.

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