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TaxRobin
TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 14435
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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DOES IRS ALLOW STEPUP PROCEDURE ON 2016 CAPITAL GAIN INCOME

Customer Question

DOES IRS ALLOW STEPUP PROCEDURE ON 2016 CAPITAL GAIN INCOME ?
Submitted: 10 months ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 10 months ago.
HelloProperty or assets inherited in 2016 is allowed a step up in basis. The Fair Market Value on the date the deceased passed is used a s the new basis or cost for the beneficiary.If the property is sold by the beneficiary then they have to report and capital gains would apply on gain.With the step up in basis, if the property is sold quickly, there is generally no gain so no tax.You are required to click a positive rating if I am to be credited with the response.You have to actively click on a rating and click submit. Smiley Faces or Stars.

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