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Step-Up You're Marketing 2013 2014 Marketing Opportunities International Woodworking Fair, LLC is owned and sponsored by 2014 Dear IWF 2014 Exhibitor, We always strive to bring the largest and most
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What is step-up?
Step-up is a process of increasing the cost basis of an asset to its current market value, typically done upon the death of the original owner.
Who is required to file step-up?
Beneficiaries or heirs who inherit assets through an estate are typically required to file for step-up.
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To fill out step-up, beneficiaries or heirs need to provide documentation such as appraisal reports and other relevant financial records.
What is the purpose of step-up?
The purpose of step-up is to help beneficiaries avoid paying capital gains taxes on inherited assets based on the original owner's cost basis.
What information must be reported on step-up?
Information such as the fair market value of assets at the time of inheritance, any relevant appraisal reports, and details of the original owner's cost basis must be reported on step-up.
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