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A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary ...
The Social Security Administration should be notified as soon as possible about the death of your loved one. It is important to know, however, that you cannot report the death online or apply for ...
As with retirement benefits, the Social Security Administration (SSA) relies on a complex set of factors (such as your age, years of work, lifetime income) in determining a surviving spouse’s ...
As with retirement benefits, the Social Security Administration (SSA) relies on a complex set of factors (such as your age, years of work, lifetime income) in determining a surviving spouse’s ...
For nondisabled widow(er)s, claiming between the age of 60 and your FRA will reduce your benefit by up to around 30%. Disabled spouses claiming in their 50s will also receive a reduction of up to ...
You can collect up to 50% of your partner's full benefit amount in spousal benefits, and the average spouse of a retired worker collects just over $900 per month, according to 2024 data from the ...
This is called the stepped-up basis rule.” ... To Pay Taxes on Social Security. Stepped-Up Basis Resets Appreciation ... the child at death, the child takes a cost basis equal to the fair market ...
Social Security typically counts as income when determining Medicaid eligibility. Note, however, it's possible even after reaching age 65 to be dually eligible for both Medicare and Medicaid.