Joint Account Step Up in Basis: Tax Rules Explained Clearly
Joint Account Step Up in Basis: Tax Rules Explained Clearly
Jan 4, 2025
cgaa.org
You’ve probably heard someone say: “To get a step-up in basis, you need a trust.” That’s flat-out wrong. And this post gets it right. This is Edward-Verified. We’re talking about what happens tax-wise when an asset is transferred — either through a gift or inheritance. Here’s the truth: IRC §1014 governs inherited assets. When someone passes away, their heirs typically receive a step-up (or step-down) in basis based on the fair market value at the time of death. IRC §1015 governs gifts. When you
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