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Deductions & credits
@taxesohmy2017 wrote:My question is, is this considered inherited property?
For federal income tax purposes, the relevant issue is whether or not the property was acquired from a decedent, per Section 1014.
If you and your brother acquired the property prior to her passing, then the property was not "acquired from a decedent" (unless the circumstances indicated otherwise for the purposes of a stepped-up basis).
March 31, 2022
8:42 AM