Yes. But the general rule is that the recipient’s basis for inherited property is stepped up from the decedent’s cost to the asset’s fair market value at the decedent’s date of death. Therefore, any taxes on the property you sell will be less than otherwise without a stepped up basis. Your capital gains would use that new basic.
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All content is for informational purposes only. It is also only intended to relate to Mississippi Estate Planning Law. If other states are mentioned, they are mentioned as an example only. No legal advice is provided in this content. Laws change so you need to check for any updates by current laws in Mississippi.