The change in the value of an asset inherited upon the owner's death. The taxable gain is calculated based on the fair market value at the time of death, not the fair market value at the time the asset was purchased.
Related information about step up in basis:
- 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 ...
- Stepped-up basis - Wikipedia, the free encyclopedia
Were no step up in basis allowed, the federal government could potentially receive a windfall from estates subject to estate tax by recovering federal estate tax ...
- Tax Expenditure of the Week: Step-Up in Basis | Center for American ...
Feb 16, 2011 ... The “step-up in basis” rule in the tax code allows people to pass property that has grown in value to their heirs without ever paying taxes on the ...
- Federal Estate Taxes and Step-Up-In-Basis Rules - WSJ.com
Jul 31, 2011 ... If someone dies this year and his heirs inherit commodities, such as gold and silver, that have gone up in value over the years, do those step-up ...
- Understanding the Step-Up In Basis Rule
The step-up in basis can provide legitimate tax savings for your heirs. Trying to capitalize on the rule to save taxes by shifting ownership of jointly held property ...
- Kevin A. Pollock BLAWG: Step-Up in Basis Rule - Common Mistakes
Jul 29, 2011 ... This is known as the Step-up In Basis Rule because in almost all circumstances, the fair market value of the assets owned by a decedent is ...
- Carryover of Step Up in Basis
Starting the year 2010, the step up in basis rules will be repealed. However, there is an amount that will be permitted, in the year 2010, descendant's estates are ...
- Step-up in Basis
Joint Tenancy Property gets HALF a Step Up in Basis If you and George had purchased that share of stock together, when it cost $50, your cost basis for your ½ ...