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Updated about 1 year ago on . Most recent reply

Jaena Hong's profile image
Jaena Hong's profile image
Jaena Hong
  • Member since Jun 19, 2024
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Jaena Hong's profile image
Jaena Hong's profile image
Jaena Hong
  • Member since Jun 19, 2024
Connect
Jaena Hong
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Votes |
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Posts
Personal Finance

Step up basis for inherited property

Jaena Hong
Posted

Currently, I jointly own a property with my dad. He currently occupies it, I do not live there. It has appreciated a bit since we've purchased and I've been wondering if I should remove myself from the deed. This property is mortgage free so no issues there. If I removed myself and inherited the property later on, would I be able to get a step up in basis? And are there any tax implications from removing myself from the deed now?

Athens, Georgia
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