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Will I Receive A Step-Up In Basis For The Appreciated Property I Inherited?

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Tax Planning, Estate Planning
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In most cases, there is a step-up in basis when property is transferred from a decedent. But there are a few exceptions and some subtle distinctions to keep in mind when a client inherits property.

To help make this analysis easier, we have created the “Will I Receive A Step-Up In Basis For The Appreciated Property I Inherited?” flowchart. It addresses some of the most common issues that arise for a client trying to understand their cost basis in property they inherited. This flowchart considers:

  • Impact of living in a community property state
  • Types of property that receive a step-up
  • Impact of selecting the alternate valuation date
  • Simple ownership vs. JTWROS vs. tenants in common

 

Updated 12/1/2022


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