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Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets.

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In other words, without the step-up in basis, the children who inherited the property would have had a considerably higher taxable gain after the sale ($500,000 - $100,000 = $400,000 gain).

Calculating Step-Up in Basis Calculating the stepped-up basis on an asset that is owned by one person is straightforward. It is simply the market value of the asset on the day the purchaser died.