Stepped-up basis rules can ease the income tax bite of an inheritance
1 Articles
1 Articles
Stepped-up basis rules can ease the income tax bite of an inheritance
With the federal gift and estate tax exemption amount set at $13.99 million for 2025, most people won’t be liable for these taxes. However, capital gains tax on inherited assets may cause an unwelcome tax bite. The good news is that the stepped-up basis rules can significantly reduce capital gains tax for family members who inherit your assets. Under these rules, when your loved one inherits an asset, the asset’s tax basis is adjusted to the fai…
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