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Investors & landlords
@jameswc wrote:
Thank you for your response. Wouldn't my father's estate's basis be the fair market value at the date of his death then?
Yes, that's what I said. If the house passed to the estate, or if it passed directly to the heirs, the estate or heirs get a stepped up basis which is the FMV on the date of your father's death. So you don't have to worry about what your father's basis might have been based on earlier events.
‎August 6, 2021
7:12 AM