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With assets you inherit, the cost basis is usually equal to the fair market value (FMV)of the property or asset at the time of the decedent's death or when the actual transfer of assets was made.6
Fair market value is the price that property or an asset would command in the marketplace, given that there are buyers and sellers who know about the asset and that a reasonable period of time is made available for the transaction to take place.
‎September 15, 2022
8:39 AM