basis consistency rules

Inheriting Property and the Basis Consistency Rules

Inheriting Property and the Basis Consistency Rules

If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the income tax basis of property received from a deceased person can’t exceed the property’s fair market value (FMV) as

Sonya Foster2021-04-12T14:54:35-06:00February 19th, 2020|

Estates and Basis Consistency Rules

Estates and Basis Consistency Rules

When it comes to tax law changes and estate planning, the substantial increases to the gift and estate tax exemptions under the Tax Cuts and Jobs Act are getting the most attention these days. But a tax law change enacted in 2015 also warrants your attention. That change generally prohibits

Sonya Foster2021-04-12T14:56:21-06:00July 31st, 2018|