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Money and Finances
Reply to "Do you have a will and/or trust?"
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[quote=Anonymous]If property is inherited, the receiver gets a new cost basis which is usually beneficial. If it's given during your lifetime, they have to use your cost basis. Dh's mom gave him land. Her cost basis is about $80k. It's currently worth about $500k. If we ever sell it, we'll have a lot of taxes to deal with that we wouldn't have if she had held on to it. [/quote]
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