Step Down or Carryover – DougFreemanCPA.com

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death […]

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis” Read More »

There’s currently a “stepped-up basis” if you inherit property — but will it last?

Estate Tax, Gift and Estate Tax, Tax Planning / Douglas Freeman

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,

There’s currently a “stepped-up basis” if you inherit property — but will it last? Read More »

Take advantage of a “stepped-up basis” when you inherit property

Estate Planning, Estate Tax, Federal Gift Tax, Gift Tax, Real Estate, Tax, Tax Deduction, Tax Planning / Douglas Freeman

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules. Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,

Take advantage of a “stepped-up basis” when you inherit property Read More »