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Investors & landlords
Losing unused loss carryovers is virtually always a bad thing since they are the result of previously recognized losses (from assets the decedent disposed of and no longer owned on the date of death).
The step-up or step-down applies to assets the decedent owned on the date of death and are the result of unrecognized gains or losses.
‎June 19, 2023
7:12 AM