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Hello, you are correct, your heirs will receive a "step up" in basis if they inherit your home after you pass. This means, for example, if/when they later sell, they will pay taxes on the difference between the stepped up basis and the selling price, which is less tax. The stepped up basis generally equals the fair market value at inheritance.
Yes, that is true for a second home.
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Thank you for your rating. The step up in basis generally applies to most assets, including a second home. Keep in mind though, that the transfer of ownership must take place at inheritance, and not before, so if the second home is already owned, then it cannot also be inherited. In the case of co-ownership, it is possible for a partial step up (25%).