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Simple English definitions for legal terms

alternate valuation date

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A quick definition of alternate valuation date:

An alternate valuation date is a date that is six months after a person has died. When someone dies, their property can be appraised either on the date they died or on the alternate valuation date. This is important for tax purposes because it determines the value of the property and how much tax needs to be paid. Basis is the value assigned to a person's investment in property and is used to calculate gain or loss from a transfer of the property. Adjusted basis is the basis increased by capital improvements and decreased by depreciation deductions. Stepped-up basis is the basis of property transferred by inheritance and equals the fair market value of the property on the date of the decedent's death or alternate valuation date.

A more thorough explanation:

Definition: The alternate valuation date is a tax law term that refers to the date six months after a person's death. The estate can choose to appraise the deceased person's property either as of the date of their death or as of the alternate valuation date.

Example: If a person dies on January 1st, their estate can choose to value their property as of January 1st or as of the alternate valuation date, which would be July 1st.

This term is important for tax purposes because it affects the basis of the property. Basis is the value assigned to a taxpayer's investment in property and is used to calculate gain or loss from a transfer of the property. The basis can be adjusted by capital improvements and depreciation deductions. The stepped-up basis is the basis of property transferred by inheritance and equals the fair market value of the property on the date of the decedent's death or the alternate valuation date.

Example: If a person inherits a house from their grandmother, the stepped-up basis would be the fair market value of the house on the date of their grandmother's death or the alternate valuation date, whichever is chosen by the estate.

Overall, the alternate valuation date is an important consideration for estates when determining the value of property for tax purposes.

alternate legacy | alternatim

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MIAMI A
[] AromaticTroubledDormouse
20:55
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[] AromaticTroubledDormouse
20:56
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[] baddestbunny
22:16
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[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
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Dkk
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windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
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