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Non-Taxable Transactions: Inheriting Crypto
Manage episode 390209013 series 3428825
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When you inherit crypto assets, as defined by the IRS, you inherit property. The cost basis of the property is the FMV (average of the high and low for the day) at the time of death or six months later if the value of the assets has dropped and the alternate valuation date is elected. This election is only made when estate tax is due in order to lower the estate tax, which results in a lower cost basis and potentially higher capital gains tax upon disposition.
At the federal level, if estate tax applies (the 2022 estate tax exemption is $12.06 million), it is paid by the estate and no taxable gain or loss results to the inheritor. Regardless of how long the property was held by the decedent, it is treated with favorable LTCG tax rates upon disposition. Half a dozen states have an inheritance tax (not to be confused with estate tax) while a dozen states and Washington D.C. have estate taxes, with Maryland being the only state with both an inheritance and estate tax. While this book does not expand on the topic of state taxes or estate planning, some may consider putting crypto assets in a trust and ensuring the trustee has access so they do not go undiscovered after the taxpayer dies.
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