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Are there states where the step up in cost basis for an inheritance is not allowed?
Wiki User
∙ 14y ago
The step-up in basis is governed by Internal Revenue Code Section 1014, which defines the procedures and theory. Federal law prevails over state law in filing US income tax returns.
Individual states may pass laws restricting stepped-up basis or redefine the process as it pertains to the state treatment of basis. However this is a consideration in file a state income tax return; the a federal US tax return.
Lawrence L Erickson, E.A.
Oregon Licensed Tax Consultant
Wiki User
∙ 14y ago
As of 2021, there is no uniform rule across all states regarding the step-up in cost basis for inherited assets. While most states generally allow for a step-up in cost basis, it's essential to consult with a tax professional to determine the specific rules and regulations in your state.
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