Step-Up in Basis: What Most People Get Wrong(and why you should care) I love how this post made a dry tax topic fun —But let’s get a few things straight. When it comes to passing assets from you → your heirs,the how matters just as much as the what. Here’s the quick breakdown 👇 Transfer at Death — via: 📜 A will. ❌ Intestate succession (no will at all). 📂 A revocable trust. → The new owner gets a step-up (or step-down) in basis. → Based on the asset’s fair market value at the date of death. ✅
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😃I’ve had a few people ask me about capital gains on inherited property lately—so let’s break it down real quick!If you inherit a home after a loved one passes, you usually get what’s called a stepped-up basis. That means the home’s value resets to what it was worth at the time of inheritance—not what it was originally purchased for. So if you sell it shortly after, you may owe little to no capital gains tax!BUT—if a parent or grandparent gifts you the property while they’re still alive, that s
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😃I’ve had a few people ask me about capital gains on inherited propert…
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🏡 Inherited a Home? Here’s What to Know Before You Sell. When you inherit a property, one big decision is whether to sell as-is or make improvements. ✨ Fresh paint, new flooring, or landscaping can boost value, but if your goal is a quick, stress-free sale, selling as-is might make more sense. 💡 And here’s a bonus many don’t know: inherited homes get a “step-up” in tax basis, meaning the home’s value is reset to market value at the time of inheritance, often reducing or even eliminating capita
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A brief explanation of stepped-up basis
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Calculator for Adjusted Basis in Real Estate -Simple & Easy !
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Inheriting a home in Orange County? Don’t sell before learning about the ‘Step-Up in Basis’—it could save your family tens of thousands in taxes. 🏡💰 We've helped countless local families navigate inherited properties with care and expertise. Learn your options before you sell—call (714) 713-4663 for guidance you can trust. inherited home Orange County step up in basis selling inherited home inheritance taxes California Buying or selling a home in Orange County? Looking to sell an inherited hom
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