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Get your taxes done using TurboTax
Yes, the estate gets a stepped-up basis for the house.
In this case, the estate return sells the house and reports the sale on the estate or trust return. The basis of the house in the estate is the value of the property on his date of death, so your gain, if any, should be minimal.
If you do have a gain, long-term capital gain rates would apply to the gain.
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‎February 11, 2024
8:57 AM
1,504 Views