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http://boards.fool.com/gift-property-taxes-14678081.aspx
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| Subject: gift property taxes | Date: 4/1/2001 8:30 PM | |
| Author: akatschi1 | Number: 49425 of 118719 | |
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In 1983, my father gifted my brother and myself a property that my brother lived on from before then to when he and I sold it in 2000. My father officially lived there from 1986, but I could probably prove he was there from 1983. My father died in 1998. My brother and his wife will take $500,000 in capital gains exclusions. I am wondering if my tax basis can be stepped up to 1998 when my father died; none of them paid rent to me and the intent at the time the property was gifted was to avoid inheritance taxes. I paid the taxes in 1998. Otherwise my basis will be my father's basis when he inherited it in 1953. Thank you for any information. |
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