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  1. Home ›
  2. Glossary ›
  3. Inherited Property
Tax Term

Inherited Property

In one sentence: Assets received from a deceased person.

What it means

Generally receives a 'stepped-up basis' to FMV at the date of death. Sell shortly after inheriting and there's often little or no gain.

← Individual Taxpayer Identification Number (ITIN) Innocent Spouse Relief →

Related terms

  • Imputed Income
  • Imputed Interest
  • Income Averaging
  • Independent Contractor
  • Individual Retirement Account (IRA)
  • Individual Taxpayer Identification Number (ITIN)

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