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The Step-Up in Basis Rule is an Heir’s Best Friend

If you receives assets that were included in a person’s estate, you get a stepped-up cost basis.  That means that you determine any gain or loss on the future sale of that asset using the date of death value of the person from whom you inherited the asset. The step-up tax adjustment has been under […]

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How to Handle Inheriting an IRA

If you inherit a traditional IRA, there may be tax implications to consider.  Tax rules differ depending on whether or not the beneficiary is a spouse. Knowing the rules can shield you from some serious tax consequences. If you’re a spouse of the deceased, you have a number of scenarios, depending on your age. One […]

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