Estate Basis Reporting – Getting it Wrong Can Increase Your Taxes

By |2020-01-03T09:19:55-06:00March 1st, 2017|Advisory, Estate Planning, Executor, Gifts, Tax, Tax Services|

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 requires consistent basis reporting between a decedent’s estate and the beneficiary who inherits property from a decedent. The IRS defines basis as follows: “Basis is generally the amount of your capital investment in property for tax purposes.” When beneficiaries inherit property, the [...]