Real estate

Real estate is a term that is related to the land, such as buying, doing some sort of improvements on the land that is of fixed type. It consists of a body of a code under a type of law. Real estate is doing boom in this era and is regarded to be the best; More...

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Mortgage loan

A home buyer or builder can obtain financing "a loan" either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably More...

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Net lease

is a requires the tenant to pay, in addition to rent, some or all of the property expenses which normally would be paid by the property owner known as the "landlord" or "lessor". It include expenses such as real estate taxes, insurance, maintenance, repairs, utilities and other items. More...

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Thursday, September 15, 2011

Get it Done

11:54 AM Real Estate Group
Get it Done
The Get it Done is A step-up in basis does not happen automatically, so you have to file the appropriate paperwork with the IRS. As mentioned earlier, if you inherited a property or a portion of a property some time ago, you can still file for the stepped-up basis.

You need to establish the value of the property at the time you inherited it, so the longer you wait, the more difficult it may be to document a favorable valuation.

Remember, as a taxpayer you have the burden of proving the valuation; if you wait so long that no reliable information is available to support your appraisal, the IRS then is able to decide what your stepped-up basis will be. So no matter how long ago you actually received the property, getting an appraisal and filing now is probably to your advantage.
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