Here’s where a step-up in basis comes in handy for inheritance. In accounting, basis is the starting point for calculating capital gains taxes. Think of basis as the asset’s purchase price: You owe taxes on capital gains above the basis. Assets that are inherited have their basis reset—stepped up, as it were—to the present fair market value of the asset when you receive it.
Consider a hypothetical example: Deborah spent $10,000 on a portfolio of stocks a long, long time ago, and the shares are worth $1,000,000 when Deborah passes away. Had Deborah sold the shares before her death, she would have owed long-term capital gains taxes on $990,000—Deborah’s basis? $10,000.
But Deborah didn’t sell the stock; she willed it to her daughter, Stephanie. If Stephanie sells the stock when she receives it, the step-up in basis means the IRS would treat her investment as if Stephanie had just bought the stock for $1,000,000. And Stephanie’s basis for calculating investment growth? $1,000,000. She would owe zero capital gains taxes on the sale.
Even if she waited, and let the shares appreciate a bit, say to $1,100,000, her basis would remain $1,000,000. Pretty sweet, right?
From the media, nothing will ever be blamed on him. It's now non stop sucking up and lapdogs
Tell that to Biden. According to him they’re all the same, unlike the Latin community. Can you imagine if Trump said that?I agree the content of a person's character is more important than the color of their skin. Glad to see your thoughts on it. Thank you.
White males can only be shamed if they feel ashamed. If we have nothing to feel shame about, then we cannot be shamed. Let us all be careful to not give over our own. emotional control to the media.
Lastly, there is no group of "the blacks". Black people are not a more-melanin monolith.
You must’ve missed that fun quote from Biden. Enjoy.I don't have the ability to tell it to Biden. Plus I'm not entirely certain what you are talking about.
Biden says stupid things. He's a gaffe machine. His ramblings don't diminish my opinion.You must’ve missed that fun quote from Biden. Enjoy.
Biden: Latino community is diverse, ‘unlike the African American community’
Who are you and what have you done with McDad? Seriously, you’re unusually serious tonight. I hope all is ok with you McDad. I always enjoy your ability to be lighthearted and your sense of humor no matter the topic.Biden says stupid things. He's a gaffe machine. His ramblings don't diminish my opinion.
This is too weak for you Lawrence......not everything in this world is about race and slavery..... I was referring to capitalism