INHERITED ASSETS - Internal Revenue Service
[Pages:23]INHERITED ASSETS
Stepped-Up Basis?
Introduction
What do you need to know about inherited assets' basis to answer your 1040 clients' questions.
Which year did the decedent die?
How did the decedent own and transfer property?
2
Overview
Estate basis- assumed from decedent
- Generally FMV at date of death
Beneficiary may receive the property distribution with significant time passed
- Still FMV at date of death
Property representing IRD
- No FMV
3
Track Asset to Right Return
Decedent's
- 1040 - 1041
Surviving spouse's
- 1040 - 1041
Beneficiary's 1040
4
When the Client Needs to Know the Basis of Inherited Property?
Sold Trade or business Investment property Personal asset
5
General Rules Type of Basis Adjustments
Step-up basis No step-up basis Modified carryover basis
6
Definition of Basis of Inherited Property
Ownership of property Type of property Time of death Allocation of transfer basis
7
Ownership of the Orchard
With or without will Joint spouse A/B trust Joint other than spouse POD TOD Grantor trust
8
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related download
- inherited assets internal revenue service
- key impacts of the cost basis legislation
- how to step up basis in irrevocable trust assets
- understanding the new cost basis reporting rules
- questions go to or call 800 544 0003 cost
- cost basis reporting requirements bb t securities
- tax expenditure for exclusion of capital gains at
- how to step up basis in irrevocable trust assets and
- internal revenue service department of the treasury
- new cost basis reporting rules form 1099 b effective for
Related searches
- internal revenue service forms 2019
- internal revenue service mailing addresses
- internal revenue service tax forms
- internal revenue service fraud department
- internal revenue service tax forms for 2016
- internal revenue service payments
- internal revenue service tax deadline
- internal revenue service cincinnati oh 45999
- internal revenue service telephone number
- internal revenue service fax number
- internal revenue service payment address
- internal revenue service 941 mailing address