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2. Stepped-up basis - Wikipedia

   en.wikipedia.org/wiki/Stepped-up_basis

   A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary ...

3. All About the Stepped-Up Basis Loophole

   www.aol.com/news/stepped-basis-loophole...

   Stepped-up basis is a tax provision that allows heirs to reduce their capital gains taxes. When someone inherits property and investments, the IRS resets the market value of these assets to their ...

4. IRS Changes Could Rewrite Your Inheritance Strategy: What to Know

   www.aol.com/finance/want-leave-assets-heirs-irs...

   How IRS Rule Change Impacts Irrevocable Trusts. Previously, the IRS granted the step-up in basis for assets in an irrevocable trust but the new ruling – Rev. Rul. 2023-2 – changes that ...

5. Do I Pay Taxes Automatically If I Inherit Property? - AOL

   www.aol.com/finance/capital-gains-inherited...

   Sale price ($500,000) - Stepped-up original cost basis ($500,000) = $0.00 taxable capital gains On the other hand say that you hold the house for a year, during which time the price of this house ...

6. SPA Trust - Wikipedia

   en.wikipedia.org/wiki/SPA_Trust

   In United States trust law, a SPA Trust is an irrevocable trust that includes a special power of appointment.Unlike general powers of appointment, a special power of appointment is limited to a certain class of persons or entities that may receive the benefit of the power (appointee) from the person in whom the power is vested (donee).

7. Taxpayer Relief Act of 1997 - Wikipedia

   en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

   As inherited assets are automatically revalued to their current or "stepped-up" basis, any capital gains are permanently exempted from taxation. Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in 1999, the $10,000 annual gift tax exclusion was to be corrected for inflation.