Exchange Currency

stepped up basis

The income tax term used to describe a change in the adjusted tax basis of a property. The old tax basis is increased to reflect market value when a person inherits the property.

Related information about stepped up basis:
  1. Stepped-up basis - Wikipedia, the free encyclopedia
    Stepped-up basis is the basis of property that a taxpayer receives from a decedent under the Internal Revenue Code § 1014(a).
     
  2. Stepped-Up Basis and Capital Gains in Estate Planning for 2011 ...
    The stepped-up basis rules in estate planning can be confusing, but can lead to large tax savings when part of an overall estate plan.
     
  3. Step-Up In Basis Definition | Investopedia
    The readjustment of the value of an appreciated asset for tax purposes upon inheritance. With a step-up in basis, the value of the asset is determined to be the ...
     
  4. Understanding the Step-Up In Basis Rule
    ... and expect that the property will be returned to you with the new "stepped-up" basis. The law prevents the step-up in basis if the individual who receives the ...
     
  5. What is Stepped Up Basis What is Step Up in Basis What is Inherited ...
    Definition: The date of death fair market value of an inherited asset (including stocks, bonds, and real estate) used for calculating capital gains taxes when the ...
     
  6. Tax Expenditure of the Week: Step-Up in Basis | Center for American ...
    Feb 16, 2011 ... But this concern could be addressed by allowing the heirs a “carryover” basis in the property instead of a “stepped-up” basis. A carryover basis ...
     
  7. Stepped-Up Basis | Nolo's Free Dictionary of Law Terms and Legal ...
    ... market value of the property at the time of death. The stepped-up basis means that when the property is eventually sold, there will be less taxable capital gain.
     
  8. The End of Stepped-Up Basis - Wealth Management
    Dec 1, 2001 ... In 2010, when the estate tax is scheduled to go away at least for one year, it is replaced with an insidious carry-over basis system. Tracking ...