Posts Tagged: tax basis

What is a Step-Up in Basis? Why should I Care about it?

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(get ready for a whirlwind tax lesson!) A basis step-up is one of the basic concepts of estate planning. When a person dies, we say that their assets get a “step-up” in basis. Basis is short-hand for “income tax basis,” “tax basis,” or “cost basis” and is often shortened simply to...
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