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Step Up Cost Basis and Inheriting Real Estate

STEP UP COST BASIS AND INHERITING REAL ESTATE The step up cost basis is a way of adjusting capital gains tax. This means that for the purpose of capital gains tax, the IRS re-sets the cost basis of the property to its value when the asset is...

Step Up Cost Basis and Inheriting Real Estate

Transferring Property Prior to Death

Transferring property prior to death could be an unnecessary expense for the would-be heir. Generally, when property is passed through the direction of a will or even a Trust, the heir will receive what is called a stepped-up cost basis. T...