Previous articles and information posted by The McGuire Law Firm have discussed issues related to a step up in basis and carryover basis depending upon whether the property was gifted during a donor’s lifetime or acquired at death via inheritance.  Given the marital deduction, Congress was concerned that certain individuals may take advantage of the...Read More

What is the basis in property that you receive via right of survivorship?  This is an important question for tax and estate planning purposes.  For tax purposes, your basis will impact your gain upon the sale or exchange of the property.  For estate planning purposes, you may hold property differently or gift certain property differently...Read More

What is a carryover basis?  When will you receive property subject to a carryover basis?  The video below has been prepared to provide additional information related to carryover basis.  You may ask, why do I care about taking property subject to a carryover basis as opposed to a step up in basis?  The simple answer...Read More

What are the basis rules regarding joint tenancies that are created by a gift?  Under Internal Revenue Code Section 1015(a), generally, the basis of property received via a gift would be the basis of the donor, or the last preceding owner that did not acquire the property via a gift.  When the basis in property...Read More