What Is The Step-Up In Basis And How Does It Work?

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In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial discusses the basis-step-up rules for income tax purposes.

IMPORTANT: The information presented in this video is not tax advice, tax analysis, or legal advice, and it should not be construed as either of these. Consult with a qualified tax and/or legal adviser prior to acting on any of the information presented in this video.

Efros Financial is a Los Angeles-based CPA firm providing financial planning and tax preparation/resolution services.

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Комментарии
Автор

But how is the step-up for a property determined? Do I need a professional appraiser? A real estate agent? Zillow? Is this a document I need to keep on file in case I sell in the future?

HowToLifeDrLJ
Автор

When one spouse dies, does community property benefit from the step-up in basis? Or is that an advantage for beneficiaries after the death of the second spouse?

Auntie-Mita