The Step-Up In Basis

[@rockinthedadlife2244]

Bedrock was next to Hollyrock which is obviously in Californirock.

[@sharonkennedy4047]

Are there new rules added to living trust for 2024? Concerning capital gains.

[@charliethewanderer6872]

When the person received the Real Estate from a Trust, how does IRS knows and accepts the step -up basis amount ?

[@rick_in_texas]

What about NUA in a 401k? I will get to put that into a regular brokerage account after I pay the cost basis when I choose to move it out. Will my heirs get a step up? Yes i am in a community property state.

[@anhnguyenghet9093]

Great video. Thank you for educating me on this topic.

[@ntheq3982]

Paul, can you respond to really clarify comments regarding Family Revokable Living Trust that have instructions that upon 1st spouse's death, that half "automatically" converts to an irrevocable trust. (52:25) Does that half get a step-up in basis because before death the asset is in a revokable trust and therefore in their estate? I hear loud and clear that appreciated assets, from the get go, in an "irrevocable" trust do NOT get the step-up treatment for tax purposes. If the estate is LESS THAN $13.6mm or even $7mm, why have that half of of the deceased spouse estate convert to an irrevocable trust? Seems like that would never make sense?

[@duanespies9830]

Where does life insurance go?

[@caroleressler3396]

Residence exclusion is only $250'000 if single?

[@jayaghoorah9515]

Love your blogs. Thank you.

[@brightonmusic]

Do beneficiaries of Ibonds get a step up basis?

[@paragshah5444]

General Question about living trusts .Can married couples who fund their home into a living trust, can still get the married couple capital gains exemption of $400,000 if they sell their home thats now in a living trust ?

[@catherinelemaster3883]

Paul-enjoy your videos! I jointly owned a home (with rights of survivorship) with my partner, who passed in 2022. Is there a step up in basis of the home?

[@robertjones2820]

I learned something today, thank you.

[@user-ot2ze4iz9j]

What about the limit on amount you can gift to 1 person/year without tax implications????

[@kellyfennell4559]

What if your children hold it until death is it locked at the step up basis or can it be stepped up again

[@bcase5328]

I think the cartoon had Pebbles and BamBam marrying. So, your examples still work.

[@jimfranks]

Hey Paul. Love the channel. I know everyone uses the example of an “appreciated” asset, but doesn’t it work both ways? If you elected to do a step up, the new basis is the value at death, which includes the value of an asset that has actually gone down in value. You have to step up/down all assets, as I understand. Let me know how wrong (or correct) I am. Thanks again for the vast info you provide.

[@trsdarrin]

I have a quit claim deed that transfers, the property from my mother, to myself upon her death how will I be taxed once she passes and I record the deed. I am in Michigan

[@michaela1655]

Shinners and Cook are in Saginaw, Michigan. They are real experts on such topics related to estate law in MI.

[@beckymuska2620]

Check out a ladybird deed , no probate and no inheritance tax .

[@michaela1655]

Ladybird deeds are allowed in Michigan but there are only about 5 states that allow the use of this type of deed.@@beckymuska2620

[@ntheq3982]

I believe title companies hate Quitclaim deeds. QCD doesn't protect or warrant the deed holder. QCD may negatively impact the chain of title/record (cloud the title). Maybe only a TX thing.

[@kithall1]

When someone dies, who decides what the fair market value is on a piece of property to determine what the step up in basis will be?

[@ntheq3982]

The BEST evidence for the IRS is an opinion of value by a certified real estate appraiser. As an alternative some use a comparative market analysis (CMA) by a real estate broker/agent. That CMA could be backed up by a reasonable sample of appraised values from your county's central appraisal district tax roll.

[@kithall1]

Who decides what the mail market value of a property was at the time of death? Help!

[@etutlf4176]

"My favorite uncle Sam" Hahahahahahaha... Most hated uncle is more like it :-)

[@newwine1887]

I got to 58 min. pre recorded and there was 17 ads!! Too distracting and annoying.

[@iconoclast6994]

Like the info. But it takes way too long you to actually get to the point. For better and worse, many like me don’t have the time to wait around…

[@kithall1]

Who decides what the fair market value of real estate was at the time of death .help!

[@ntheq3982]

The BEST evidence for the IRS is an opinion of value by a certified real estate appraiser. As an alternative some use a comparative market analysis (CMA) by a real estate broker/agent. That CMA could be backed up by a reasonable sample of appraised values from your county's central appraisal district tax roll.

[@rockinthedadlife2244]

Barney and Betty died so Fred and Wilma adopted Bam Bam.