Rubino & Liang Wealth Partners

Will You Receive A Step-Up In Basis For An Inherited Property?

Screen Shot 2021-10-04 at 12.59.51 PMIn most cases, there is a step-up in basis when property is transferred from a decedent.

But, there ARE a few exceptions and some subtle distinctions to keep in mind when you inherit property (be it land/house, retirement accounts, annuity, trust, etc.).To help make this analysis easier, use this “Will I Receive A Step-Up In Basis For The Appreciated Property I Inherited?” flowchart.

It addresses some of the most common issues that arise for those trying to understand their cost basis in property they inherit. This flowchart considers:

  • Impact of living in a community property state
  • Types of property that receive a step-up
  • Impact of selecting the alternate valuation date
  • Simple ownership vs JTWROS vs tenants in common


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