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Old 02-23-2011, 02:03 PM
dbkc
 
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cost basis

My father passed away in December 2009. I received 50% ownership in my fathers house along with my sister via Warranty Deed. We sold the property in 2010. I have been using TaxAct software for several years and it prompted me to enter cost basis as FMV at the time of death, entering 50% of FMV as basis makes capital gain=0. Is this correct?



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