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1031 Inheritance Question

Posted by chisue (My Page) on
Tue, May 29, 07 at 10:34

Cheapskate me, still asking for freebie information on this:

When one inherits a 1031 property does the value of the property cease to be the original tax base? Does the value re-adjust to value at date of death of the owner (like it does when Junior inherits Pop's house)?

I find that a bit too good to be true. I'm asking because we own a 1031 property with a miniscule tax base that will eventually go to our DS.


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RE: 1031 Inheritance Question

That's the way I read it. The basis of inherited property is established as the FMV (Full Market Value) of the property at the date of the decedent's death. There are exceptions for conservation easements and real property used in farming or a 'closely held business' and you'll probably need to get professional guidance there.
Don't forget, the FMV at time of decedant's death is also used for calculating estate and inheritance taxes.


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