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Step up in Basis
Under Section 2040(a) of the Internal Revenue Code, all jointly owned property must be included within a decedent’s estate, except for any portion that can be shown to have originally belonged to the surviving joint tenant, and that was never received or acquired by the surviving joint tenant from the decedent for less than full...
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Generally if you receive property through an inheritance and the value of the property was claimed in the decedent’s estate you receive a step up in basis?  So what does this mean?  What is a step up in basis?  Generally, a step up in basis means that you take the property with a basis at...
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