What Taxpayers Need to Know About the New “Consistent Basis” Rule for Estate Assets
With recent legislation, there is a new tax basis filing requirement in certain estate asset situations. So how do you know if this new requirement applies to your situation? Check out our recent Q&A with Aronson Tax Team member Richard Lee below.
Q: Let’s assume that a beneficiary has inherited a hard-to-value real estate partnership interest, reported for Federal estate tax purposes at $50,000. Shortly after the estate tax return was filed; the beneficiary sold the interest for $100,000. What tax basis should the beneficiary use when reporting …read more
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