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:
- 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).
- 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.
- 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 ...
- 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 ...
- 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 ...
- 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 ...
- 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.
- 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 ...