Under 26 U.S.C. §1014, a Step-Up in Basis adjusts an asset’s tax basis to its fair market value at the owner’s death, reducing capital-gains taxes when heirs sell inherited property.
Under 26 U.S.C. §1014, a Step-Up in Basis adjusts an asset’s tax basis to its fair market value at the owner’s death, reducing capital-gains taxes when heirs sell inherited property.