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

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

    Sale price ($500,000) - Stepped-up original cost basis ($500,000) = $0.00 taxable capital gains On the other hand say that you hold the house for a year, during which time the price of this house ...

  3. Stepped-up basis - Wikipedia

    en.wikipedia.org/wiki/Stepped-up_basis

    This can result in a stepped-up basis or a stepped-down basis. An example of a stepped-up basis: If Benefactor owned a home that Benefactor purchased for $35,000, then Benefactor's basis in the home would be equal to its purchase price, $35,000, assuming no adjustments under IRC § 1016, which allows for increases in basis such as home ...

  4. Ask an Advisor: How Can We Avoid Capital Gains Tax on a ... - AOL

    www.aol.com/ask-advisor-were-inheriting-house...

    Stepped-up Basis on Inherited Property. A couple that's inheriting a home looks over tax . If you sell the property immediately, you obviously won’t qualify for the capital gain exclusion ...

  5. All About the Stepped-Up Basis Loophole

    www.aol.com/news/loophole-reduce-heirs-taxes...

    Stepped-up basis is a tax provision that allows heirs to reduce their capital gains taxes. When someone inherits property and investments, the IRS resets the market value of these assets to their ...

  6. Taxpayer Relief Act of 1997 - Wikipedia

    en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

    As inherited assets are automatically revalued to their current or "stepped-up" basis, any capital gains are permanently exempted from taxation. Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in 1999, the $10,000 annual gift tax exclusion was to be corrected for inflation.

  7. Capital Gains on Inherited Property - AOL

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

    These capital gains taxes are then calculated using what’s known as a stepped-up cost basis. … Continue reading → The post Capital Gains on Inherited Property appeared first on SmartAsset Blog.

  8. How to sell an inherited house: What you need to know - AOL

    www.aol.com/finance/sell-inherited-house-know...

    However, when you inherit property, the cost basis is typically “stepped up,” or adjusted, to be the fair market value of the property on the date of the decedent’s death. (In some cases it ...

  9. Cost basis - Wikipedia

    en.wikipedia.org/wiki/Cost_basis

    In this situation the asset's basis is its fair market value at the time of transfer. See Treas. Reg. § 1.1015-1(a)(1). Assets acquired by inheritance: Assets acquired by inheritance are eligible to receive stepped-up basis, meaning the fair market value of the asset at the time of the decedent's death. See IRC § 1014. This provision shields ...

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