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Get your taxes done using TurboTax
One piece of information for you is that your "cost" in these assets that were inherited, is the value on the date of death assuming your name was not on any property before death. Meaning there was no ownership on your part before the death of your father. The significance for you is that in your situation because the properties were sold closely following your father's death it's likely your cost and inherited value may be almost equal. Whether reported on the estate or your personal return, there should be very little gain to report on the sale of the properties.
Please accept my sympathies for your loss.
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‎December 28, 2021
11:52 AM