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Inheriting land more beneficial in long run.

Publication: Daily Herald (Arlington Heights, IL)
Publication Date: 29-FEB-04 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Inheriting land more beneficial in long run.(Homes Plus)(Law talk)

Article Excerpt
Byline: Tom Resnick

Q. My mother owns some vacant land she inherited quite some time ago. She does not have long to live and she wants to give me the property. A friend told her to do it now to avoid having the property involved in probate. Is there an advantage or disadvantage to having her give me the property now vs. after her death?

A. Wait. If you inherit the property, you receive a basis (for tax purposes) equal to the date of death value of the property.

You could then immediately sell the property which would...

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