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  2. Stepped-up basis - Wikipedia

    en.wikipedia.org/wiki/Stepped-up_basis

    The primary purpose for the stepped-up basis rule under IRC § 1014 is so that, for estates without exemptions to the federal government's estate tax on transfers of wealth at death, the estate's assets are taxed only by estate taxes and not also on the capital gains during the decedent's lifetime.

  3. Do I Pay Taxes Automatically If I Inherit Property? - AOL

    www.aol.com/finance/capital-gains-inherited...

    When you inherit property, whether real estate, securities or almost anything else, the IRS applies what is known as a stepped-up basis to that asset. This means that for tax purposes the base ...

  4. Estate tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Estate_tax_in_the_United...

    If the estate includes property that was inherited from someone else within the preceding 10 years, and there was estate tax paid on that property, there may also be a credit for property previously taxed. Because of these exemptions, only the largest 0.2% of estates in the US will have to pay any estate tax. [8]

  5. Crane v. Commissioner - Wikipedia

    en.wikipedia.org/wiki/Crane_v._Commissioner

    The Court first sided with the Commissioner, agreeing with its construction of the relevant statutory provision that addresses the basis of "property" inherited. The Court found no basis to think "equity" was a synonym for "property." In addition, the Court was troubled by the administrative complications that would be caused by replacing ...

  6. Biden’s Change in Inherited Real Estate — How It ... - AOL

    www.aol.com/finance/biden-change-inherited-real...

    President Biden's $1.8 trillion American Families Plan, unveiled before Congress earlier this week, includes a proposal to change taxes on inherited real estate. While the change is aimed at ...

  7. 2020 California Proposition 19 - Wikipedia

    en.wikipedia.org/wiki/2020_California_Proposition_19

    The California Association of Realtors previously sponsored and financed an initiative measure known as 2018 California Proposition 5 on the November 2018 ballot that would have further expanded Proposition 13 property tax breaks for certain homeowners (primarily homeowners over age 55) by allowing them to transfer their lower property tax base ...

  8. What to do when you inherit real estate that you don’t want

    www.aol.com/article/finance/2019/02/25/what-to...

    Avi Sinai, owner of private real estate lending company HM Capital, said you should never sell unwanted inherited property right away. “Nothing gets real estate investors drooling like children ...

  9. Capital gains tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Capital_gains_tax_in_the...

    Under the stepped-up basis rule, [8] for an individual who inherits a capital asset, the cost basis is "stepped up" to its fair market value of the property at the time of the inheritance. When eventually sold, the capital gain or loss is only the difference in value from this stepped-up basis.