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Discussion:Date of Death value

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Discussion Forum Index --> Tax Questions --> Date of Death value

Actionbsns (talk|edits) said:

5 October 2013
What happens when the date of death value is less than the cost basis to the decedent? What happens when the property gets sold?

My client passed away in July owning a condo in Kona and some land in California. Both properties are now valued at less than the client paid for them. I've never heard of a step down in value, only the step up.

Wiles (talk|edits) said:

5 October 2013
Just like everybody calls a copy machine a 'xerox machine' or a tissue a 'kleenex', the fair-market-value-at-death basis rules of Sec 1014 got replaced with 'step up'.

H.D. Freifunk (talk|edits) said:

5 October 2013
Action, your client still gets the step up in basis, even though it's a step down in actuality. This is why foreigners have so much trouble learning and comprehending our language. It's terrible when someone passes, but if she could have held on a few more years, the DOD value might have inched up at least 50 cents or so.

Kevinh5 (talk|edits) said:

5 October 2013
1014 calls for step up OR step down to FMV at DOD. Sorry.

CrowJD (talk|edits) said:

5 October 2013
Cabeza dolor! ¿Cómo voy a aprender esta lengua inglesa?

Noobie (talk|edits) said:

8 October 2013
Usually when faced with a question of basis with the IRS, you find the one that is most advantageous for the IRS, and you have what they will agree to. Which is paying the most taxes possible.

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