Property Transfer on Death and Tax Basis
source: http://www.thinkglink.com/Transfer_on_Death_and_Tax_Basis_809.html
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- IlyceGlink
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A woman asks how her friend can transfer his apartment to her on his death and what the tax basis will be if she chooses to sell the place. If a property is transferred on death the tax basis is the value of the property on the day of the transfer. If the new owner sells the property right away she will pay no tax.
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