Practitioners involved with the administration of trusts and estates of a decedent may be confronted with the issue of dealing with one or more assets of a decedent discovered after the administration ...

Inherited assets don’t have to incur added fees. Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.

Heirs can generally benefit from a step-up in basis of inherited assets to their fair market value (FMV) as of the date of the decedent’s death. A recent program manager technical advice (PMTA) makes ...

What if a husband and wife own a home together that increases in value by $500,000. When one spouse dies and the other owns the property themselves, do they receive a step-up in basis? Or do they only ...

ANSWER: Inheritance is generally not subject to state or federal income tax. However, the growth in value of inherited assets may be subject to state and federal income tax. Understanding what the ...

Q. My father passed away, after a very long life, this summer and I will be getting one-third of his estate. I do not know if any accounts have been moved from his personal Social Security number to ...

An inheritance is a windfall that can absolutely help someone's financial situation -- but it can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don’t owe ...

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