Glossary · IRC §1014 · 26 U.S.C. §1014

Section 1014 step-up

From THE TAX CUTTERY® Guide. Principal treatment in Chapter 12: Real Estate — The Tax-Advantaged Engine of American Prosperity.

Stepped-up basis at death — Under Section 1014, property inherited from a decedent receives a basis equal to fair market value at death, erasing all prior appreciation and deferred gain Section 1014 step-up — Property acquired from a decedent takes a basis equal to fair market value at death, permanently eliminating all lifetime appreciation from the income tax base.

In the Guide

This section is treated in Chapter 12, Chapter 13, Chapter 14, Chapter 15, Chapter 21. The published chapter summary is the source of the definition above. The full reasoning, citations, and worked examples are in the book.

Related in this chapter

• IRC §121 — IRC §121
• IRC §199A — Qualified business income deduction
• IRC §469 — Passive activity loss rules
• IRC §1031 — The Mechanics of Deferral
• IRC §1250 — Unrecaptured Section 1250 gain