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Did you know? Decedent property

Did you know? Decedent property

Did you know that if you inherit property from a decedent, you are treated as owning that property for over a year and a day and are therefore eligible for long-term capital gains and losses if you immediately sell the property?

This can be good news if there is a gain, which means your gains would be taxed at the lower long-term capital gains rates instead of the regular tax rates.

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Lee Reams, BSME, EA

Lee Reams, BSME, EA

Editor-in-Chief

Besides his role at CountingWorks as an educator and speaker to thousands of accountants nationwide, Lee manages a technical research service for a large group of tax accountants which sharpens his technical skills. Lee served on the Board of Blackline Systems, is a former Board of Director for the California Tax Education Council, is a Past President of the San Fernando Valley Chapter of Enrolled Agents, Member and Past Director for the California Society of Enrolled Agents.

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