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Financial Planning / Tax Strategies
|Subject: Re: 2013 Stepped-Up Cost Basis||Date: 1/15/2013 6:47 PM|
|Author: TMFPMarti||Number: 117376 of 122053|
Previously, I cited specific attention to communicate in writing with my brokerage account point-of-contact regarding the laws governing "stepped- up cost basis" since I have a few stocks with a low cost basis that have appreciated.
My understanding was that cost of stock(s) on the day of my death could be used to update the cost basis of associated stocks.
Probably close enough for government work. On point IRS Publications are 550 and 551. If something like alternative valuation date is an issue they'll already be dealing with competent counsel who can advise them.
It's nice that you're looking to ease their way during what will be a difficulat time for them. That said, really help them by directing them to a tax advisor if they have tax questions, not your broker. There's a reason why all brokerages include in their fine print "don't rely on us for tax advice." OTOH, if all you're suggesting is that they contact the broker for date of death numbers, that's as good a source as any.
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