while states that don’t recognize this form of ownership are generally called common law states.** A unique basis step-up rule applies to married couples who own community property. It provides ...

There are many aspects to this form of taxation that we will ignore to concentrate on one of the oddest, in my opinion – the basis step-up. Consider this example: A farmer buys a parcel of land ...

Understanding and applying the basis step-up rule can significantly cut heirs' tax liabilities. Key findings are powered by ChatGPT and based solely off the content from this article. Findings are ...

But one particular tax issue — the "step-up basis" — sits at the center of their hemming and hawing. It has to do with how, when Americans sell assets like stocks or bonds, they pay a capital ...