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Tax Law (Questions About Taxes)/Cost basis of inherited securities


I inherited stock from my father. I believe the cost basis will be stepped up from $10 per share he paid for it to the $50 per share on his date of death. The stock is currently in his Estate Account until the estate settles. Is the cost basis stepped up to $50 while the stock is in the Estate Account so it can be sold with a much reduced capital gains tax?


But there are many other possible pitfalls for the unwary as well as opportunities for theastute planner. Even post mortem

How much value are we talking about? Who is settling the estate (they should know the answer to this and the many other questions yiu shod have). How many other beneficiaries? If not large estate why not settled quickly?

If large estate why not have professional advice?


Ps. Sorry for your loss.

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


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