A gifted asset does not get a step-up in basis. Instead, carryover basis is used. So if the asset in question is going to be sold in the near future, it might be a good idea to wait until the asset is passed by inheritance instead.
Call and speak to an attorney:
(516)777-0647
A gifted asset does not get a step-up in basis. Instead, carryover basis is used. So if the asset in question is going to be sold in the near future, it might be a good idea to wait until the asset is passed by inheritance instead.
You must log in to post a comment.