STEPPED-UP BASIS
\stˈɛptˌʌp bˈe͡ɪsɪs], \stˈɛptˌʌp bˈeɪsɪs], \s_t_ˈɛ_p_t_ˌʌ_p b_ˈeɪ_s_ɪ_s]\
Sort: Oldest first
-
For tax purposes, a value that is used to determine profit or loss when property is sold. If someone inherits property that has increased in value since the deceased person acquired it, the tax basis of the new owner is "stepped-up" to the market value of the property at the time of death. The stepped-up basis means that when the property is eventually sold, there will be less taxable gain.
By Oddity Software
Nearby Words
- stepparent adoption
- stepparents
- steppe
- stepped
- stepped line
- stepped-up basis
- stepper
- stepper motor
- steppes
- stepping
- stepping down