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What are the rules under Internal REvenue Code section 1014a…

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What are the rules under...
What are the rules under Internal REvenue Code section 1014a
Submitted: 2 years ago.Category: Tax
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Answered in 16 minutes by:
2/11/2016
Tax Professional: Anne, Master Tax Preparer replied 2 years ago
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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Hi

I'm Anne. I've been preparing taxes for 27 years and I'll be happy to help you.

Code 1014a states that the basis of inherited property is the Fair Market Value on the date of the death of the decedent, or if the executor makes the election, 6 months after the date of death by making the election (IRS Code Section 2032)

In the case of a surviving spouse, the spouse will inherit 1/2 of the property at Fair Market Value, and retains their cost basis in the other half.

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Tax Professional: Anne, Master Tax Preparer replied 2 years ago

I see that you read my response but didn't yet rate it. Like all of the tax experts here, I strive to give excellent service here.

Do you have additional questions or do you need clarification on this matter?

I know that rating takes some additional time, but I would really appreciate your taking that time if my response helped you.

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