Carryover Basis


Definition of "Carryover basis"

Lorna Moodie-Foster, GRI, PMN
Lorna Moodie-Foster, GRI, PMN Mcalister Properties

Basis for the valuation of property acquired from a decedent for tax purposes. The unified transfer tax in 1976 provides for the valuation of property to be the adjusted basis immediately preceding death. This adjusted basis is then further adjusted with respect to such aspects of a transfer as appreciated property, election of fair market value for personal items, and exceptions for small estates.

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