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Step up basis on brokerage account, florida, I have told…

Customer Question
Step up basis on...

Step up basis on brokerage account

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Florida

Accountant's Assistant: What steps have been taken so far?

I have told that the value of a brokerage account held in joint tenancy between a parent and a child is included in the parent's estate, there will be a complete basis increase (or decrease) upon the parent's death

Submitted: 5 months ago.Category: Tax
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Answered in 5 minutes by:
11/13/2017
Tax Professional: Lev, Tax Advisor replied 5 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,693
Experience: Taxes, Immigration, Labor Relations
Verified

That information is correct.

Regarding who is titled on that account - we need to be clear who owns assets held in this account.

When assets are fully owned by the parent - the full value is included into parent's estate fro estate tax purposes (regardless if there are no estate tax liability) and as such - assets are getting so-called stepped up basis equals to the fair market value of such assets at the time the decedent passed away.

But we need top be clear who owns these assets?

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Tax Professional: Barbara, Enrolled Agent replied 5 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,785
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Different expert here - my name is ***** ***** please allow me to provide you with this information:

The information you received is correct.

If the entire value of the brokerage account held in joint tenancy between the parent and child is included in the parent's estate, there will be a complete basis increase (or decrease) upon the parent's death.

I hope this information is helpful to you.

Thank you and best regards,

Barb

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Barbara
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