@fpc wrote:
One additional question I have is whether a married couple could take advantage of a $30k exclusion for the inherited property. I would guess only a $15k exclusion would be available since only one person of the two actually inherited the property.
Inherited property is typically separate property in the context of a marriage, but the Code does allow for unlimited gifts to a spouse (so you could make a gift of half of the property to your spouse prior to gifting it to a third party).
Note that you might have to wait a certain amount of time to avoid the step transaction doctrine.
