Customers ask what a stepped up basis is ?

Yes, stepped-up basis typically occurs when property is inherited after someone dies. When property is inherited, the new owner's basis in the property is typically stepped up to its fair market value at the time of the previous owner's death. This means that the new owner's basis is higher than the previous owner's basis, which can help to reduce the amount of capital gains tax that the new owner may have to pay if they sell the property in the future. However, there are some exceptions and rules that apply to stepped-up basis, so it's important to consult with a tax professional to fully understand how it may affect your situation.Realtor David Medendorp 2312063367