The interesting part is, see it seems like a lot of tax laws are there for the case of a home being passed on to an heir on the assumption there is an appreciation (IE FMV of the home at time of death is worth more than original cost of home)..(To safeguard against people selling the home lower than FMV to reap a benefit) .But I’m curious how a lot of these estate laws/income laws would work if the FMV of the home is actually less than a purchase price.
I’m not trying to seek any legal advice. It’s just that I find these things pretty interesting like a puzzle, similar to that off topic 3 doors, behind 1 door prize off topic subject.
