INHERITED ASSETS - IRS tax forms
[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
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