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If your basis when inherited was $25K and then you made $10K in improvements, your adjusted basis would now be $35K.
So, yes, you can increase the stepped up basis by the cost of the improvements.
Also be sure to claim any selling expenses (commissions, closing costs) on the Sale.
If your basis when inherited was $25K and then you made $10K in improvements, your adjusted basis would now be $35K.
So, yes, you can increase the stepped up basis by the cost of the improvements.
Also be sure to claim any selling expenses (commissions, closing costs) on the Sale.
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