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I have "Googled" subject above without finding any information. Has anyone had success in this endeavor? Perhaps the IRS has not had enough time to issue the relevant 2013 publication.
Thank you.

Joe
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No. of Recommendations: 1
I have "Googled" subject above without finding any information. Has anyone had success in this endeavor? Perhaps the IRS has not had enough time to issue the relevant 2013 publication.
Thank you.

Joe

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What, exactly, is your question?

Bill
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What, exactly, is your question?

Bill
Hohum

Also, 2013 is the current year and doesn't end until 12/31/2013. I hope you aren't expecting
documentation for 2013's tax filing season?
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I have "Googled" subject above without finding any information. Has anyone had success in this endeavor?

I doubt you will since there's nothing special about 2013. Only for 2010 deaths was there a monkey wrench in the usual basis determination for inherited assets.

Phil
Rule Your Retirement Home Fool
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I have "Googled" subject above without finding any information. Has anyone had success in this endeavor?

I doubt you will since there's nothing special about 2013. Only for 2010 deaths was there a monkey wrench in the usual basis determination for inherited assets.


Phil,

I take it your crystal ball is back from the shop, good as new. Otherwise, how do you know that the OP is asking about inherited assets?

Ira
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I have "Googled" subject above without finding any information. Has anyone had success in this endeavor?
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I doubt you will since there's nothing special about 2013. Only for 2010 deaths was there a monkey wrench in the usual basis determination for inherited assets.

Phil
Rule Your Retirement Home Fool

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Yes, and even that was retroactively morphed from a default rule to an election out, if you wanted to use carryover basis and avoid the estate tax. The estate tax expired, and was reinstated during the year, unless you elected not to have it apply, in which case you had to file the form reporting carryover basis to the heirs, and the IRS.

Bill
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I take it your crystal ball is back from the shop, good as new. Otherwise, how do you know that the OP is asking about inherited assets?

Ira

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Point taken, but I'm trying to think how else you get a basis "stepped up", without a transaction with actual dollars-and-cents to base it on.


Bill
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I plan to update a "Letter of Instruction" for DW and children that provides key information regarding financial accounts/documents,funeral arrangements, contacts,etc.
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.

Joe
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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.

Phil
Rule Your Retirement Home Fool
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Thanks for the good tips, Phil.
We have a lawyer who prepared our wills, Power of Attorney, etc and a local CPA who does our straight forward taxes. Our financial situation is not complicated, but as you say, deaths are a stress on family members. An up to date Letter of Instruction that cites various details to include "not to act in haste or fall victim to impetuous, unwelcome advice" will be a valuable reference.

Joe
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