The so-called “step-up in basis” rule is a crucial aspect of U.S. tax law that can significantly affect the taxation of inherited assets. This provision, which is codified within the Internal Revenue ...
Inheriting an asset grants a step-up in basis, setting cost basis to FMV at death, reducing capital gains tax. Controversy surrounds step-up in basis, as it significantly lowers taxes on inherited ...
What Is the Step-Up in Basis? The step-up in basis is a tax provision that helps beneficiaries lock in the cost basis of assets at the time they inherit them from a benefactor. Many assets such as ...
June 21, 2023 - On March 30, 2023, the Internal Revenue Service issued Revenue Ruling 2023-2, which directly impacts a wide range of irrevocable trusts, including grantor retained annuity trusts, ...
Forbes contributors publish independent expert analyses and insights. I write about charitable giving and estate planning ideas. Many taxpayers created irrevocable trusts and transferred significant ...
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