Inheritance Tax - XOATAX Site3 - Network Admin

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Inheriting Property After a Parent’s Passing: Understanding the Stepped-Up Basis

Estate Planning, Inheritance Tax, Tax PlanningNovember 2, 20240Comments

Losing a parent is an emotionally challenging experience, and navigating the complexities of their estate can add to the burden. One common area of confusion involves understanding the "stepped-up basis" when inheriting property. This concept can have significant implications for your tax liability, especially when it comes to real estate. Let's break it down. Key…

Understanding the Stepped-Up Basis: A Tax Advantage for Inherited Assets

Estate Planning, Inheritance Tax, Tax PlanningOctober 30, 20240Comments

At XOA TAX, we often encounter questions about the tax implications of inheriting assets. One key concept that can significantly impact your tax liability is the "stepped-up basis." This rule allows you to potentially reduce or eliminate capital gains taxes on inherited property. In this blog post, we'll break down what a stepped-up basis is,…