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A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she inherits from another? Understanding how tax basis works is an important area and is too often overlooked when families start to put their affairs in order.
Read our blog post to understand the fair market value basis rules so that you don’t pay more tax than you’re legally required to.
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