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Customers ask what a stepped up basis is ?

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Real Estate Agent with Medendorp Real Estate Group Muskegon 6502399695

Yes, stepped-up basis typically occurs when property is inherited after someone dies. When property is inherited, the new owner's basis in the property is typically stepped up to its fair market value at the time of the previous owner's death. This means that the new owner's basis is higher than the previous owner's basis, which can help to reduce the amount of capital gains tax that the new owner may have to pay if they sell the property in the future. However, there are some exceptions and rules that apply to stepped-up basis, so it's important to consult with a tax professional to fully understand how it may affect your situation.Realtor David Medendorp 2312063367

Comments(3)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I w

May 12, 2023 09:42 PM
Charles Ross - eXp Realty LLC
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Excellent information.Thank you for sharing. Have a wonderful day and a blessed weekend.

May 13, 2023 03:24 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It’ll be interesting to see where all this goes lButright now it’s moving in a positive direction

May 13, 2023 09:40 PM