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Deductions & credits
All of the repairs, maintenance, and improvements to the property can be added to the basis of an inherited property when determining the gain (or loss) on the sale.
Also, keep in mind that the basis of inherited property is its Fair Market Value(FMV) on the date of death of the original owner or the alternate valuation date of the estate (if applicable) and not the original purchase price.
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‎February 3, 2020
9:06 AM