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Inheriting property, whether expected or unexpected, can raise some questions about what to do with it and what it's worth. Specifically, you'll need to know the property's fair market value (FMV ...
One of the most difficult aspects of the real estate market is estimating the value of a home. With local market conditions changing all the time, it can be hard to accurately price a property. In ...
The gain is based on the difference between the final sale price and the cost basis of the property, typically the fair market value of the home on the day the decedent died.
Section 2032 provides an alternate method of determining the property's new basis. If the property is not disposed of within six months of the decedent's death, the executor may elect to use the property's fair market value six months after the date of death but only if such an election results in a decrease in the value of the gross estate. [2]
Instead of using the initial purchase price of the property (plus capital improvements) to determine capital gains taxes, most inherited property uses the market value at the time of the owner’s ...
This is unfortunate for one of the two parties. It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price. Frequently, properties are assessed at a value below their market values; this is known as fractional assessment. [5]
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