Ms. Rouchel died October 20, 2015, with an estate large enough to require her to

Question

Ms. Rouchel died October 20, 2015, with an estate large enough to require her to file Form T08 estate was her personal residence, which had a date-of-death value of $820,000. Her cost in the home was 3315.000 Ms. Rouchel owed $118,000 to City Bank on a mortgage secured by the home. The estate io liable for this debi. Ten years before her death, Ms. Rouchel added her companion, Mr. Gold, as joint tenant on the property. All consideration for the property was paid by Ms. n her gros Rouchel, so no value is placed on Mr. Gold What value should be reported on Form 706 for her personal residence, and on which wechecule sx n the prope reported? O$702,000 on Schedule A. O $702,000 on Schedule E. O$820,000 on Schedule A. $820,000 on Schedule E.

Explanation / Answer

Answer is D

$820,000 on Schedule  E

Explanation/Reason: in form 706, schedule E is used for joint tenancy and reported at fair value of property reduced by tenant consideration or property received as gift or heritage.

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