Understanding Basis and Step-Up in Basis for Your Assets in North Carolina Estate Planning

Understanding your basis-the original price you paid for an asset-can significantly impact your capital gains taxes when you sell.
We'll explore how inheriting assets can provide a "step-up" in basis, potentially saving your heirs substantial tax payments. We'll also discuss the less common but important "step-down" in basis and how it can affect your estate planning. Join us as we navigate these essential financial concepts to help you make informed decisions about your assets and their future value. Don't miss this comprehensive guide to maximizing your tax advantages and securing your investments!
Highlights
💸 Basis is the purchase price of an asset.
📈 Selling an asset for more than your basis results in capital gains tax.
⚰️ Inheriting an asset can lead to a “step-up” in basis.
📉 A step-down in basis can occur if the asset’s value has decreased.
🏡 Appreciating assets benefit from a step-up in basis.
Our North Carolina Estate Planning and Elder Law attorneys are committed to honoring the life, work, and charity of every individual. If you have an elder law or estate planning questions, call us today at [phone].
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