The basis of inherited property usually is its fair market value on the date of the decedent's death.

Name: The basis of inherited property usually is its fair market value on the date of the decedent's death.
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This is generally known as the "step-up in basis" rule, which means that the basis of inherited property is equal to its fair market value at the time of the decedent's death, rather than the original basis of the property.

The Basis of Inherited Property Usually Is Its Fair Market