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Reply to "Real estate & tax implications - elderly parent "
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[quote=Anonymous]If she gives it to her son now, his cost basis is the price she initially paid for it. If it’s inherited, the son gets the stepped up cost basis, the value of the home at the time of her death. In your shoes, I’d probably have her sell it so she has the money to do with as she wishes. Renting would give her a stream of income, but it’s also a burden that it sounds like no one is interested in dealing with. [/quote]
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