Stepped up It applies to investment assets passed on in death. May 29, 2025 · Step-up in basis is often referred to as a tax loophole because of the huge advantage it offers people who inherit assets. According to the Joint Committee on Taxation, it will account for $58 billion in forgone revenues for the federal government in 2024. See examples of how to use this word in sentences and find similar words. com! a stepped-up marketing effort to bring in new customers. See examples of STEPPED-UP used in a sentence. The meaning of STEPPED-UP is increased in intensity. A partial step-up adjusts only the deceased spouse’s share of the property to its market value, leaving the surviving spouse’s share unchanged. Feb 6, 2024 · The stepped-up basis rules can be complex. Synonyms for STEPPED UP: intensified, enhanced, heightened, deepened, strengthened, consolidated, reinforced, amped (up); Antonyms of STEPPED UP: reduced, decreased, moderated, diminished, weakened, tapered (off), abated, subdued Find different words that mean the same as "stepped up" in various contexts. Comprehensive K-12 personalized learning. However, with the stepped-up basis, if they sell the stock at $310,000, they are only taxed on the $10,000 gain. Find out how to use step up in different contexts and situations with examples and synonyms. Login . 約翰等到老師給瑪莉講完話然後才走上前來。 2. Games; Word of the Day; Grammar; Wordplay; Slang; Rhymes; Word increase in extent or intensity. Dec 24, 2019 · With John's passing, his share of the stock's cost-basis should have "stepped-up" on the date of his death. Feb 1, 2025 · A step-up in basis resets the cost basis of an appreciated inherited asset for tax purposes. The step-up in basis is the fair market value of the property when it was inherited rather than the cost of the asset when it was originally purchased. This means instead of the cost basis being $5,000, half of the cost-basis should have Jul 28, 2023 · To get the step-up in basis, the assets in the irrevocable trust now must be included in the taxable estate at the time of the grantor’s death. If the property is sold soon after inheritance for an amount close to its stepped-up basis, little to no capital gains tax is owed. Nov 5, 2024 · The basis step-up The basis step-up. May 29, 2025 · What Is a Stepped-up Basis? The stepped-up basis pertains to a tax rule allowing a person to adjust the cost basis of an asset or property gained by a beneficiary after death. stepped-up production of commercial and factory equipment. Mar 28, 2023 · Step-up in basis, also known as stepped-up basis, is a wrinkle in the federal tax code that can help heirs avoid or reduce taxes on inherited assets. The Impact of the Step-Up in Basis Rule on Beneficiaries. an improvement or increase over what went before: 2. Learn more. Our team of experienced reporters and commentators delivers reliable insights on the diverse range of education options available today, including traditional district schools, charter schools step up 向前迈出一步，挺身而出 （介绍一下自己，志愿者） The chairman asked for a volunteer and Andrew stepped up. . Beneficiaries benefit greatly from the Step-Up in Basis Rule, as it significantly lowers their tax liability. step up翻译：在有需要（或有机会）时采取行动, 增加（尺寸或数量）；加快（进程）的速度。了解更多。 Some websites claim they can no longer keep up with the demands, while others boast that the military has stepped up its long-standing orders of such survival shelters. com. an occasion when someone is helped to…. Turn to your Explanation of the English phrase "(someone) stepped up": When someone has taken a greater responsibility on a team and done the work that was needed, you can say that they've "stepped up". Traducciones en contexto de "stepped up" en inglés-español de Reverso Context: stepped-up, stepped up efforts Traducción Corrector Context Diccionario Vocabulario Vocabulario Reader Documents Sinónimos Conjugación Diccionario Colaborativo Gramática Expressio Reverso Corporate The step-up in basis at death resets the value of inherited assets to their fair market price at the time of the decedent’s death, reducing potential capital gains taxes for heirs. This is usually the value of the asset on the date of the grantor’s death. You've got to step up and do it on your Find 270 synonyms for Stepped Up to improve your writing and expand your vocabulary. The cost basis for heirs is raised to the market value on the previous owner's date of death, reducing These words have opposite meanings to “step up. , income taxes and estate taxes) on a Jan 18, 2025 · 2. Stepped-up definition: . The single complete movement of raising one foot and putting it down in another spot, as in walking. Mar 19, 2025 · Since the stepped-up basis resets the property’s value to its fair market value at the life tenant’s death, any gain or loss is calculated based on the difference between this new basis and the sale price. Stepped-up basis is one of the largest federal tax expenditures. Feb 11, 2025 · The stepped-up basis (sometimes known as the step-up cost basis) is a way of adjusting the capital gains tax. The STANDS4 Network. to make progress or effect an advancement; be promoted 3. Save up to 74%. Browse a list of similar words from our thesaurus that you can use instead of "stepped up". . If he wants to win this election, he really needs to step it up (= put in more effort). 0 I think manufacturers have stepped up to the plate and are trying to break the misconception that all coupons are for processed, unhealthy items. to increase or raise by stages; accelerate 2. Without this rule, heirs would inherit the asset Synonyms for STEPPING UP: intensifying, deepening, enhancing, heightening, strengthening, consolidating, beefing (up), amping (up); Antonyms of STEPPING UP: reducing Definition of step up in the Idioms Dictionary. Find synonyms, pronunciation, and examples of stepped-up in different contexts. a. Aug 26, 2024 · The step-up in basis reduces capital gains tax by resetting the cost basis of an inherited asset to its market value at the time of death. When that asset is sold for $700,000, it generates a taxable capital gain of only $300,000 ($700,000 sale price less the step-up tax basis of $400,000). Synonyms for step up include boost, increase, intensify, enhance, augment, heighten, amplify, raise, magnify and strengthen. 3. Find 25 different ways to say STEPPED UP, along with antonyms, related words, and example sentences at Thesaurus. Jul 18, 2024 · The step-up benefit of a revocable trust establishes the basis of the asset at the point they acquired it ($400,000). Definition of step up phrasal verb in Oxford Advanced American Dictionary. g. Nov 26, 2024 · Stepped-Up Basis and Federal Revenues. The European Commission had stepped up its efforts in that field significantly. See examples of how to use it in sentences and compare it with American English. step up翻譯：在有需要（或有機會）時採取行動, 增加（尺寸或數量）；加快（進程）的速度。了解更多。 A STEP UP meaning: 1. Find more Feb 2, 2025 · Partial vs Full Step-Up Allocations. 4 days ago · Step-up in basis, or stepped-up basis, is what happens when the price of an inherited asset on the date of the decedent's death is above its original purchase price. Jun 1, 2023 · Understanding the ins and outs of the step-up basis rule can be a valuable tool for seniors and older adults planning their estates. That’s the bad news. Consider the Context 走上前來 John waited until the teacher had finished speaking to Mary, and then he stepped up. Jul 24, 2023 · 26 U. Understanding Stepped-Up Basis Dec 14, 2022 · Jake cranked up his guitar playing a notch and amazed the crowd with his solos. a stepped-up marketing effort to bring in new customers. Inherited assets don’t have to incur added fees. Investors will have a tax liability when they sell a stock for an Sep 17, 2023 · A step-up in basis considers the fair market value of an asset when it was inherited rather than when it was acquired. Sep 30, 2024 · Benefits of the Step-Up in Basis. This expression is commonly used to refer to improvement or increased effort in a particular area: Emma stepped up her game after receiving feedback and produced outstanding results. Learn the meaning of the adjective stepped-up, which means increased, as in tempo; accelerated. The tax code allows for the raising of the cost basis to the higher price, minimizing the capital gains taxes owed if the asset is sold later. You can't always depend on other people. 主席请求志愿者，安德鲁挺身而出。 step up 增加，增加，增加 （地位提高） That promotion was really a step-up for you. Click for more definitions. The teaching unions are stepping up industrial action in support of their pay claim. , man, dog, house). Principal Translations: Inglés: Español: step [sth] up, step up [sth] vtr phrasal sep (increase) reforzar⇒ vtr: incrementar⇒ vtr: redoblar⇒ vtr: As demand grew for its environmentally friendly products, the business had to step up production. 84 million for married couples), few estates in the United States pay even a portion of the Oct 15, 2024 · Without the step-up, they would be taxed on a $200,000 gain. How to use step up in a sentence. Learn the meaning and usage of the adjective stepped-up, which means increased or raised by stages. That is equal to about a quarter of all revenues from taxes on capital gains. For example: Jasper really stepped up and took charge after Tomiko left. Step-up in basis or stepped-up basis refers to the adjustment to the cost basis of an asset to its fair market value when the asset is passed on to its heirs upon the death of the benefactor or the predecessor. Learn the meaning and pronunciation of the adjective stepped-up, which means increased or raised by stages. Capital gains taxes are calculated based on the profits after the return of capital (ROC). 加快; 增加; 促進 When John found he was going to be late, he stepped up his pace. This provision allows heirs to reset the cost basis of inherited assets to their fair market value at the time of the original owner’s death, potentially saving thousands or even hundreds of thousands of dollars in tax liabil Stepped-up definition: . A step-up transformer increases a low voltage applied to the primary winding to a higher voltage on the secondary winding. When someone inherits capital assets such as stocks , mutual funds, bonds, real estate and other investment property, the IRS “steps up” the cost basis of those properties. Various capital assets, including real estate and stocks, qualify for the step-up in basis, while exceptions exist for certain retirement accounts and gifted property. Diana stepped up to the box office and said, "Two tickets for the matinee, please. ” For instance, instead of saying “We need to step up our productivity,” one could say “We need to reduce our downtime. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. This can result in a stepped-up basis or a stepped-down basis. stepped-up overseas sales efforts. Kiplinger. 1. All Free. increased in intensity… See the full definition. For example, if I bought my house for $50,000 many years ago and it is now worth $300,000, upon the sale of the house during my lifetime there would be capital gain of $250,000 Define stepped up. Find more similar words at wordhippo. Apr 20, 2019 · ステップアップ（step up）も少し英語とカタカナで使われ方が違う言葉の1つだといえるかもしれません。「キャリアをステップアップする」のような表現をそのまま英語にしにくいです。カタカナのステップアップは何かの段階をあがるようなことを指して使われていますが、英語の「step up」は STEP STH UP definition: to increase what you are doing to try to achieve something: . In face of these assaults, the SWP stepped up its political activity. 當約翰發現他要遲到的時候加快了步伐。 Their social position had been much stepped-up - WordReference English dictionary, questions, discussion and forums. The step-up in basis is a tax provision that allows widows to adjust the cost basis of their deceased spouse’s assets, potentially reducing or eliminating capital gains taxes. 这次晋升对你来说是一个真正的进步。 9 meanings: informal 1. S. step up phrase. If President Biden wins reelection in 2024, the rule may again be in question. A noun is a word referring to a person, animal, place, thing, feeling, or idea (e. Reduced Capital Gains Taxes: The primary benefit of the step-up in basis is the reduction in capital gains taxes. The meaning of STEP UP is to increase, augment, or advance especially by one or more steps. Stepped-Up Basis Depreciation: The stepped-up basis of $250,000 must be depreciated as a new asset starting on the date of death over the appropriate class life, typically 27. La Comisión Europea ha intensificado considerablemente sus esfuerzos en ese ámbito. Learn the meaning and usage of the verb phrase as in accelerate and see how it compares to other synonyms. Find 33 synonyms for I Stepped Up to improve your writing and expand your vocabulary. " Diana se acercó a la taquilla y dijo, "dos boletos para la función de tarde, por favor". Subscribe to Kiplinger. Code § 1014 provides for a step-up in cost basis on inherited property. ” Cultural Insights: The idiom “Step Up” is commonly used in American English as an expression that means increasing effort or taking action towards achieving a goal. Learn the meaning of step up as an idiom, phrasal verb, adjective, noun, and device in English. Tips for Natural Usage. The good news is that because of the $12. Nov 16, 2024 · The step-up in basis, one of the most powerful tools in estate and tax planning, can make a huge difference in capital gains taxes owed. And it’s worth noting that in 2021, the Biden administration tried, but failed, to eliminate what it called the “stepped-up basis loophole” for single taxpayers with capital gains greater than $5 million. stepped up synonyms, stepped up pronunciation, stepped up translation, English dictionary definition of stepped up. See step up in the Oxford Advanced American Dictionary What does stepped-up mean? Information and translations of stepped-up in the most comprehensive dictionary definitions resource on the web. Immersive learning for 25 languages NextSteps, a platform for Step Up For Students, brings together communities for news and commentary on the ever-evolving world of education choice. An example of a stepped-up basis: If Benefactor owned a home that Benefactor purchased for $35,000, then Benefactor's basis in the home would be equal to its purchase price, $35,000, assuming no adjustments under IRC § 1016, which allows for increases in basis such as home Mar 7, 2017 · Under current law, assets that are included in a taxable estate receive a “stepped-up” basis at the owner’s death equal to the fair market value of the asset. n. When it comes to estate planning, the concept of a stepped-up basis can be a powerful tool for reducing capital gains taxes and preserving wealth for future generations. He has stepped up his training to prepare for the race. The distinction between partial and full step-up allocations depends on the ownership structure and legal context of the property. This means that the capital gains tax is calculated based on the difference between the sale price and the stepped-up basis, potentially lowering the taxable gain compared to the original purchase price. 92 million per-person exclusion in 2023 ($25. Specific language from the section reads: “the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if not sold, exchanged, or otherwise disposed of Step-up transformers are large expensive inductive transformers capable of converting low generator voltage into the operating voltage of the utility grid to inject energy into the grid system. What does step up expression mean? Definitions by the largest Idiom Dictionary. Stepped up one’s game. A stepped-up basis occurs when the price of an inherited asset on the date of the owner's death is above its original purchase price. However, the provision is codified in the Internal Revenue Code §1014, Basis of Property Acquired from a Decedent, and is intended to eliminate the potential of double taxation (e. 5 years for residential rental property under IRC §168(c). Synonyms for stepping up include boosting, increasing, intensifying, enhancing, augmenting, heightening, amplifying, raising, magnifying and strengthening. igszln zkvuk drbmz wrwx aplj oumylg pihef xdanfl bbzg fcmq