Stepped-up basis on personal property.

Question

Apr 27, 2007, 10:03 AM

Ronwald007

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Join Date: Apr 2007

Posts: 1

Stepped-up basis on personal property.

My father just passed away and all of his property was in his trust, which is less than 1.5 mil.

I understand his home now has a stepped-up basis to it's current fair market value.

In a safe deposit box I found some gold kruggerands. Do these also get a stepped-up basis. I have no idea how I'd find out what he paid for them.

Answers

Apr 27, 2007, 01:14 PM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,322	To my knowledge, stepped-up basis applies to ALL assets, which would include the gold coins. Otherwise, there would be no practical way to properly put a basis on the asset.

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