Tax Rules When Inheriting Property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The Current Rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal

2021-07-20T11:52:06-06:00July 20th, 2021|

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

2021-04-12T14:56:21-06:00July 31st, 2018|
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