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Retirement tax questions
Hello,
For inherited property you will have what is called a stepped up basis. This would be the fair market value of the home at the time of death. To figure your gain or loss you would take that value then subtract the sales price less the sales expense. You would only be responsible for reporting your half of the sale on your return.
I hope it helps, please let us know if you have any additional questions.
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Enjoy your day!!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎July 26, 2023
2:15 PM