"Kurt Ullman"  wrote in message
news:kurtullman-2B0EC0.09205104112007{at}032-478-847.area7.spcsdns.net...
> In article ,
>
> > Hadn't the inherited wealth already been taxed?
> > the income, the dividents, the capital gains, etc?
> >
>
>   Cap gains would not have been. As I mentioned when the Estate tax goes
> away for about 30 seconds, the step-up in basis for cap gain purposes
> also goes away so the cap gains can be captured at the appopriate time,
> when the asset is sold. The other stuff has been taxed as it went along.

I was referring to stuff that had been sild, to accumulate the dollars that
are part of the estate.

>
>
> > On item I came across in my research was that the asset is re-basised at
the
> > time of death. So the gains from the original purchase to that point
could
> > be taxed.
>     I would have less of a problem with that as long as the basis
> changed.

Yep.

>
>
> > Otherwise when the time came to sell you'd have to track down the
orginal
> > cost basis, which may not be available.
> >
> >
>       You have to anyway. It is usually available or at least there are
> ways to figure it out and make the IRS happy. Sloppy paperwork doesn't
> mean you can get out of taxes.

Indeed.

>         A couple of years ago I had to figure out the basis on some
> property I inherited from my great uncle 50 years or so ago. It is
> possible.
>

yep.

Dennis


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