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progree

(11,976 posts)
10. My sister inherited a house, and the basis was the FMV at day of death
Sun Nov 12, 2017, 10:53 PM
Nov 2017

We both inherited some stock -- same thing -- the basis was FMV at day of death. I also had a farm quit-claimed to me, and it was a transfer of ownership from my parents to me, as expressed in the trust agreement and the will (my sister was the executor of the estate, and she and her lawyer wrote and filed the quit claim deed). The basis was the FMV on the date of death.

It would have been frankly impossible, and the IRS recognizes this, for inheritors to go through the original owners' papers to try to establish what they paid for it 40 or 60 years ago or whatever -- not just the house, not just the farm, but every lousy share of stock.


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