Tag Archives: QTIP property

Operation of New Carryover Basis Rules

Enacted as part of the 2001 Tax Act, IRC § 1022 repeals the current basis step-up at death for property owned by a decedent, and replaces it with a carryover basis provision effective on January 1, 2010. If estate tax repeal occurs as scheduled on December 31, 2009, the new basis rules must be planned for, as they will effect a sea change in income and estate taxation. Congress is unlikely to repeal the estate tax without a return to carryover basis. Continue reading

Posted in Estate Planning | Tagged , , , , , , | Leave a comment