When you inherit property from someone you receive a step-up in basis. Basis is tax-speak for your cost, Kiely said. Inherited property comes with a basis equal to the market value on the date of ...

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. Inherited assets don’t have to incur added fees.

"Traditionally, if you inherit a taxable brokerage account you can get a step-up in cost basis at the date of death," which can result in significant tax savings, Ranchhod says.

If you are unaware of how a step-up in basis works, you and your family could be missing out on significant tax savings. ... Thanks to estate and inheritance tax, ... LPL Financial Member FINRA/SIPC.

By using the step-up in basis, the beneficiary’s adjusted cost basis becomes the $450,000 value of the home at the time of death and they do not inherit the huge unrealized capital gain ...

Retirement accounts, like 401(k)s and individual retirement accounts, do not qualify for a step-up in basis, nor do tax-deferred annuities or pensions. Checking, savings accounts and certificates ...

Without the step-up in basis, heirs would instead inherit the original purchase price as their basis. If they sell the asset for $1 million, they could be responsible for capital gains taxes on ...

So, assume the basis on your primary home is $300,000. If you’re single, you could sell it for up to $550,000 without incurring a capital gains tax obligation.

I applaud former Sen. Max Baucus, a Democrat, for taking a stand against the disastrous plan to eliminate the step-up in basis at death on capital gains (“A Tax Plan to Destroy Farms and Ranches ...

FINRA is issuing this alert to inform brokerage account holders, family members and other beneficiaries about inherited IRAs. We also provide tips for making the IRA inheritance process as ...