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Of the estate is from personal property, and B. $200,000 or less of the fair market value of the estate is from real property. Estate is the decedent s property that is subject to administration by a court. Fair market value is the value of the property on the open market (between unrelated parties), not reduced to reflect debts owed against the property, such as mortgages, home equity loans and liens. Real property is land or interests in land, such as an e.

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