← Return to the docket
In ordinary words.
Heirs generally receive a new tax basis in inherited assets based on their value at death, potentially erasing taxable appreciation.
In legal terms.
Internal Revenue Code § 1014 generally adjusts basis in inherited property to fair market value at death, with statutory exceptions.
Where it stops being legal.
Not all assets qualify, and estate or other taxes may still apply.
General U.S.-focused information. Cases and statutes may have jurisdiction-specific exceptions. This citation may be a general primer; verify the governing primary authority. Not legal advice.