What is the difference between carryover basis and a step-up in basis? Q.What is the difference between carryover basis and a step-up in basis? A.The difference is whether heirs who sell an inherited asset will pay tax on the capital gains from the time the asset was originally purchased or from the time it was inherited. In some cases, the difference is a lot of tax liability. Read more about What is the difference between carryover basis and a step-up in basis?
What is an inheritance tax? Q.What is an inheritance tax? A.A type of wealth transfer tax in which the recipient, rather than the donor’s estate, is taxed. Read more about What is an inheritance tax?
How could we reform the estate tax? Q.How could we reform the estate tax? A.Possible reforms run the gamut from repeal to modest fixes that would make the tax more difficult to avoid. Read more about How could we reform the estate tax?
