Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Inherited property’s basis is generally its Fair Market Value (FMV) on the decedent's date of death, and the holding period is always considered long-term. • The alternate valuation date (six months after death) can only be elected if it reduces both the gross estate value and the estate tax liability. • If an asset is sold within six months of death and the alternate valuation date is elected, its basis is the selling price, not the FMV on the alternate date. • In community property states, both the decedent's and the surviving spouse's shares of the property get a basis adjustment to FMV. • Income in Respect of a Decedent (IRD), such as a traditional IRA, is a major exception and does not receive a stepped-up basis. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep