KrisD15
Expert Alumni

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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