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Subject: Re: Long/Short Term Cap gain for me? | Date: 7/26/2000 2:16 AM | |
Author: donk23 | Number: 38026 of 127549 | |
You would pay tax at your (possibly) lower rate. The even better news is that when you inherit property its basis (the value against which you later compute gain/loss) gets "stepped up" to the value on the date of death. This means that you don't have to pay tax on any gain that your benefactor produced for you. I believe that when you finally sell you also get to use the original acquisition date as your acquisition date in order to determine short term vs long term gain/loss. You should check this to be certain. |
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