John Egan is a veteran personal finance writer whose work has been published by outlets such as Bankrate, Experian, Newsweek Vault and Investopedia. Michael Adams is a former Cryptocurrency and ...

Key steps, taxes and family considerations of inherited property.

The IRS has quietly altered regulations affecting how inheritances passed to children are taxed, potentially leading to ...

Inheriting property, whether expected or unexpected, can raise some questions about what to do with it and what it’s worth. Specifically, you’ll need to know the property’s fair market value (FMV) to ...

ANSWER: Inheritance is generally not subject to state or federal income tax. However, the growth in value of inherited assets may be subject to state and federal income tax. Understanding what the ...

Inheriting an asset grants a step-up in basis, setting cost basis to FMV at death, reducing capital gains tax. Controversy surrounds step-up in basis, as it significantly lowers taxes on inherited ...

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An inheritance is a windfall that can absolutely help someone's financial situation -- but it can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generally don’t owe ...

Heirs can generally benefit from a step-up in basis of inherited assets to their fair market value (FMV) as of the date of the decedent’s death. A recent program manager technical advice (PMTA) makes ...

Inherited assets don’t have to incur added fees. Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.