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Deductions & credits
If real estate was sold to the children for $1.00, the basis of those properties for those children is now $1.00.
Had it been left as an inheritance, the basis would be Fair Market Value on date of passing.
When the property is sold, anything over $1.00 will be capital gain for the new owner.
No, the property would no longer be part of the estate.
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March 17, 2021
8:17 PM