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Inheriting property, whether expected or unexpected, can raise some questions about what to do with it and what it's worth. Specifically, you'll need to know the property's fair market value (FMV ...
Inherited property may be taxable when you sell it for more than it was worth when you inherited it. For example, imagine someone leaving you a classic car with a fair market value of $10,000 on ...
Instead of using the initial purchase price of the property (plus capital improvements) to determine capital gains taxes, most inherited property uses the market value at the time of the owner’s ...
Section 2032 provides an alternate method of determining the property's new basis. If the property is not disposed of within six months of the decedent's death, the executor may elect to use the property's fair market value six months after the date of death but only if such an election results in a decrease in the value of the gross estate. [2]
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code , as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
In some jurisdictions, the assessed value is meant to equal the market value of a property. In other areas, the market value is multiplied by an assessment ratio to arrive at the assessed value. Once a tax assessor determines the assessed value, it is multiplied by a tax rate, called a "mill rate," to arrive at the amount of the property tax. [1]
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