ROCHESTER, N.Y. (WHEC) — If you’ve got a loved one in a nursing home or assisted living facility, it’s probably been a while since you’ve seen their actual room. The pandemic first prevented in-person ...

The so-called “step-up in basis” rule is a crucial aspect of U.S. tax law that can significantly affect the taxation of inherited assets. This provision, which is codified within the Internal Revenue ...

Estate planning has long been about building and preserving wealth, minimizing taxes and smoothly transferring assets across generations. With the new administration in office, discussions around ...

What Is the Step-Up in Basis? The step-up in basis is a tax provision that helps beneficiaries lock in the cost basis of assets at the time they inherit them from a benefactor. Many assets such as ...

Inheriting an asset grants a step-up in basis, setting cost basis to FMV at death, reducing capital gains tax. Controversy surrounds step-up in basis, as it significantly lowers taxes on inherited ...