Reply To: Step-Up in Basis

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#7811
kaneohe
Participant

sounds to me like the estate also gets the step up
https://www.journalofaccountancy.com/issues/2012/may/estate-planning-20125011.html

“6. Update Basis of Assets
Capital gains are relatively rare on an estate Form 1041 because assets generally get a step-up in basis to date-of-death values. ……………………… If the estate sells those assets quickly, there usually is not a lot of time for them to appreciate in value. Any asset acquired from a decedent generates long-term capital gain when it is sold, no matter how long the asset was held before or after the decedent’s death”