The Step-Up In Basis

Рет қаралды 12,392

Күн бұрын

Пікірлер: 31

@ntheq3982 2 ай бұрын

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?

@rockinthedadlife2244 10 ай бұрын

Bedrock was next to Hollyrock which is obviously in Californirock.

@rick_in_texas 11 ай бұрын

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 5 ай бұрын

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

@jayaghoorah9515 8 ай бұрын

Love your blogs. Thank you.

@charliethewanderer6872 6 ай бұрын

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

@sharonkennedy4047 2 ай бұрын

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

@bcase5328 10 ай бұрын

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

@catherinelemaster3883 10 ай бұрын

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?

@brightonmusic 7 ай бұрын

Do beneficiaries of Ibonds get a step up basis?

@duanespies9830 9 ай бұрын

Where does life insurance go?

@robertjones2820 9 ай бұрын

I learned something today, thank you.

@jimfranks 11 ай бұрын

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.

@kellyfennell4559 11 ай бұрын

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

@caroleressler3396 4 ай бұрын

Residence exclusion is only $250'000 if single?

@etutlf4176 11 ай бұрын

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

@trsdarrin 11 ай бұрын

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 11 ай бұрын

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

@beckymuska2620 10 ай бұрын

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

@michaela1655 10 ай бұрын

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

@ntheq3982 2 ай бұрын

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.

@user-ot2ze4iz9j 10 ай бұрын

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

@paragshah5444 8 ай бұрын

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 ?

@kithall1 9 ай бұрын

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

@kithall1 7 ай бұрын

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 2 ай бұрын

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.