What are the Income Tax Consequences of any Capital Assets (Real Estate, Stock, Etc) Which I Inherit From an Estate?
20 September 2017
No Comment
Property received by inheritance currently receives a “stepped-up” basis to its date of death value. Therefore, if that property is subsequently sold by you, any capital gain (or loss) to be reported on your personal income tax return is calculated as the difference between the sale price and the date of death value. The appreciation in value of that capital asset which occurred during the decedent’s ownership of the asset avoids capital gains taxation.
Leave your response!