inherited, Is the original cost less depreciation the inherited basis or is it the FMV on date of death?
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Confucius say:
He who sits on tack is better off. -
FMV on date of death. -
Pretty vague question so my initial answer would be FMV on date of death.
If other circumstances such as Joint ownership, there may be only a partial step up basis. If married couple in community property state could still be 100% step up basis.Comment
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