Submitted By: someone
Answered: October 28, 2021 1:25 am

I inherited stock from my parent and plan to sell it. What’s my basis for determining gain or loss?

Due to the stepped-up basis rule, the basis for inherited property usually is its value on the date of sale (special rules apply for property from estates using the alternate valuation date and for those inheriting from a decedent who died in 2010). What’s more, there is an automatic long-term holding period, regardless of how long you—or your parent—held the property.

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Tax Glossary

Group-term life insurance

Employees are not taxed on up to $50,000 of group-term coverage.

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