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All Forum Posts by: Jaena Hong

Jaena Hong has started 1 posts and replied 1 times.

Personal Finance

Post: Step up basis for inherited property

Jaena HongPosted
  • Posts 1
  • Votes 1

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?

1 Vote
Athens, Georgia