Tax Planning for Life Events - Inheritance
Heirs reckon with capital gains and income taxes Labels: Retirement Planning, Tax Planning
Would you rather have column A or B? Thanks to a provision of the Internal Revenue Code, most assets receive a step-up in cost basis to the value on date of death. So if the cost basis of Aunt Rose’s GE stock is stepped-up from what she paid to its value on her date of death just over a year ago (Column B), the taxable gain is only $3,000. You’ll pay just $450 in tax.
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