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Private Multifamily Real Estate Tax Benefits: A Comprehensive Guide

Key Takeaways

  • Large Non-Cash Deductions: Straight-line depreciation on a 27.5-year schedule shelters approximately 3%-4% of building value annually, while cost-segregation studies can front-load 20%-35% of basis in 5-, 7-, and 15-year buckets, accelerating early deductions[1][2][3].
  • First-Year Expensing via Permanent 100% Bonus Depreciation: The One Big Beautiful Bill Act (OBBBA) allows permanent first-year expensing of eligible components being placed in service on or after January 20, 2025, reversing the prior phase-down and expanding first-year loss allocations[10][11][12].
  • Passive Losses Offset Passive Gains: Rental real estate losses offset passive gains and carry forward indefinitely[4][5]; Real Estate Professional Status (REPS) can permit these losses to offset against active income (e.g., wages and business income) when certain requirements are met and documented[4].
  • Unlimited 1031 Exchanges: Internal Revenue Code (IRC) § 1031 defers both capital-gain and depreciation-recapture taxes so long as there is an exchange of equal or greater value and is identified within 45-day and deployed within 180-day deadlines[6][7].
  • Permanent 20% Qualified Business Income (QBI) Deduction: Multifamily income that qualifies as a trade or business permanently allows up to a 20% deduction under IRC § 199A[9][10], decreasing the top federal rate on rental activity profit from 37% to about 29.6%.
  • Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)-Based Interest Cap: Beginning in 2025, the IRC § 163(j) limitation equals 30% of EBITDA, allowing most multifamily owners to deduct all of their mortgage interest without electing the Alternative Depreciation System (ADS)[10]11][12].
  • Extended Opportunity Zone Timetable: Capital gains invested in a Qualified Opportunity Fund (QOF) now defer tax through 2032, with appreciation on the Opportunity Zone (OZ) investment itself remaining exempt, subject to a 10-year hold[8].
  • Step-Up in Basis & Higher Estate Exemption: Basis is increased to fair market value at death, eliminating built-in gain and recapture[14][15]; OBBBA raises the federal estate-tax exemption to $15 million per individual (indexed to inflation)[10][11].

Introduction

A strong understanding of real estate taxation, combined with staying current on changing tax laws and employing effective tax strategies, is key to maximizing returns from real estate investments. Every investment decision in real estate carries tax consequences, which is why it’s essential to carefully evaluate those implications and work with experienced tax professionals to stay compliant and maximize the available benefits.

Multifamily real estate, in particular, benefits from a range of long-established tax advantages designed to encourage the development and preservation of rental housing. Tools like depreciation and cost segregation help reduce taxable income today. IRC § 1031 exchanges and bonus depreciation delay tax on gains. Deductions for pass-through income and interest expenses cut down ongoing tax liability. And when properties are inherited, a step-up in basis can eliminate long-accumulated gains altogether.

The tax landscape shifted in 2025 with the passing of the One Big Beautiful Bill Act (OBBBA). This legislation revitalized several key tax incentives: restoring 100% bonus depreciation, locking in the 20% Qualified Business Income (QBI) deduction, loosening limits on interest deductibility, extending deadlines for Opportunity Zone benefits, and significantly increasing the federal estate tax exemption.

For high-net-worth individuals and family offices, understanding how these rules work and how they apply in real-world portfolio decisions is necessary for understanding post-tax returns. The sections that follow break down eight significant tax advantages available in multifamily investing and explain how to put them into practice.

1. Depreciation & Cost Segregation

What It Is

Depreciation allows real estate investors to recover the cost of a property over time by deducting a portion of its value each year. Under the Modified Accelerated Cost Recovery System (MACRS), the building or “improvements” portion of a multifamily property (not including the land) is depreciated evenly (straight-line) over 27.5 years[1][2].

To accelerate these deductions, investors should conduct a cost segregation study, which identifies specific building components, like appliances, flooring, cabinets, parking lots, and landscaping, that qualify for shorter depreciation lives of 5, 7, or 15 years. Engineers or CPAs typically perform these studies. By breaking out and reclassifying these components, investors can front-load a large portion of their depreciation, unlocking significantly higher deductions in the early years[3].

To calculate depreciation, you’ll need to know the cost basis of each asset, its useful life, and when it was placed in service. This calculation determines your annual depreciation expense, which is then deducted directly from your taxable income. The assets with shorter lives also qualify for 100% bonus depreciation, which can provide immediate tax savings[2].

Why It Matters

Depreciation converts theoretical wear and tear into real, usable tax deductions. For example, consider a $50 million apartment complex where 80% of the purchase price is allocated to the building. Straight-line depreciation alone would yield approximately $1.45 million in annual deductions. But if a cost segregation study reallocates 25% of the basis into shorter-lived assets, you could claim around $10 million in additional first-year deductions with bonus depreciation. In many cases, this is enough to offset taxable income from multiple properties across an investor’s entire portfolio.

In short: depreciation is one of the most powerful tools available for maximizing after-tax returns in multifamily investing.

What Investors Can Expect

  • Timing: For the best results, commission a study in the same tax year you acquire the property. However, if you’re late, you can still apply “catch-up” deductions using IRS Form 3115.
  • Audit Support: Keep detailed documentation, including engineering reports, purchase price allocations, and FF&E (Furniture, Fixtures & Equipment) schedules.
  • Recapture Planning: Assets with shorter lives are subject to recapture income tax upon sale unless gains are deferred using a 1031 exchange, so it’s important to factor this into your exit strategy. Note that recapture tax is capped at 25% which is often less than your ordinary income tax rate[2].

Real-World Example

A multifamily sponsor purchased a 212-unit property in Georgia for $40 million. A cost segregation study moved $9 million of the property’s value into short-life asset categories. Combined with 100% bonus depreciation, the sponsor claimed over $9.5 million in deductions in the first year, completely eliminating taxable income from two other stabilized properties in the fund. This example shows just how effective cost segregation can be in boosting early returns and reducing tax burdens.

To learn more, see Tax Advantages of Depreciation and Cost Segregation Studies for Commercial Multifamily Investors.

2. Bonus Depreciation

What It Is

Bonus depreciation is a powerful tax incentive that allows investors to immediately deduct the full cost of certain assets, rather than spreading the expense out over several years. Under Section 168(k) of the Internal Revenue Code, assets with a useful life of 20 years or less, such as appliances, carpeting, HVAC systems, landscaping, or parking lots, can be fully expensed in the year they are placed in service[2]. The One Big Beautiful Bill Act (OBBBA), enacted in 2025, restored 100% bonus depreciation for qualifying property placed in service on or after January 20, 2025. That means investors can write off the entire cost of these assets upfront, dramatically reducing taxable income in the first year[10][11][12].

Why It Matters

Bonus depreciation is especially valuable in value-add real estate projects where renovation spending is significant. Instead of slowly deducting those costs over time, investors can claim the full amount as a tax write-off right away, resulting in faster after-tax cash flow and stronger internal rate of return (IRR). For every dollar spent on qualified improvements, there’s often a near dollar-for-dollar deduction available, which can meaningfully improve the economics of a deal.

What Investors Can Expect

Real-World Example

A family office invested $4 million in a 240-unit value-add multifamily deal in Texas. The project spent $6 million on Qualified Improvement Property in 2026, and $5 million of that qualified for 100% bonus depreciation. As a result, the limited partner received a $2.8 million K-1 loss, representing nearly 70% of their original equity. That loss offset gains from a separate private equity sale, delivering substantial tax relief and reinforcing the strategic value of bonus depreciation. To learn more, see Significant Tax Savings Through Bonus Depreciation in Multifamily Real Estate.

3. Passive-Loss Offsets and Real-Estate-Professional Status

What It Is

By default, rental real estate is treated as a passive activity under Section 469 of the Internal Revenue Code. That means losses from these investments can generally only be used to offset other passive income, such as earnings from different rental properties or certain private placements[4][5].

However, there are two key exceptions that allow rental losses to offset non-passive income (like wages or business profits):

  1. Active Participation Exception: Investors with an Adjusted Gross Income (AGI) of $100,000 or less may deduct up to $25,000 of passive losses against non-passive income. This benefit phases out completely by $150,000 AGI.
  2. Real-Estate-Professional Status (REPS): If you or your spouse spend more than 750 hours per year and over 50% of your working hours in real estate trades or businesses (and materially participate), rental losses can be treated as non-passive. That unlocks the ability to offset wages, portfolio gains, and other active income[4].

Why It Matters

Cost segregation and bonus depreciation often produce paper losses exceeding cash flow. These losses can eliminate taxable income from other passive holdings or, under REPS, offset wages and portfolio gains.

With REPS, high-income professionals (or their spouses) can utilize real estate losses to offset their earned income, potentially resulting in substantial refunds or zero tax liability for the year.

What Investors Can Expect

  • Carryforwards: If you can’t use all your passive losses in one year, they don’t disappear. Rather, they carry forward indefinitely and can be applied to future passive income or gains on sale.
  • Grouping Election: You can elect to treat multiple rental properties as a single activity. This simplifies compliance and can help meet material participation standards.
  • Documentation: Keep detailed time logs and records. In an audit, lack of proof is one of the most common reasons REPS claims are denied.
  • Exit Planning: Unused passive losses are “released” when you sell a property in a taxable transaction. Coordinating these loss releases with high-gain events can create major tax savings.

Real-World Example

A physician’s spouse spent over 1,200 hours actively managing a 90-unit apartment portfolio in Virginia, qualifying for Real-Estate-Professional Status. Later, they acquired a new 160-unit property, which resulted in a $450,000 paper loss in Year 1. Because of REPS, they used that loss to offset $300,000 of W-2 income, resulting in a $120,000 decrease in federal tax.

To learn more, see Real Estate Professional Status: Converting Depreciation into Immediate Tax Relief.

4. 1031 Exchanges

What It Is

A 1031 exchange, named after Section 1031 of the Internal Revenue Code, allows real estate investors to defer taxes on capital gains and depreciation recapture by reinvesting the proceeds from a sale into another like-kind investment property. To qualify, investors must follow a strict timeline[6][7]:
  • Identify potential replacement properties within 45 days
  • Close on at least one of the identified properties within 180 days
  • Reinvest all equity and match (or exceed) the original loan amount
  • Use a Qualified Intermediary (QI) to hold and transfer the proceeds—investors cannot touch the funds directly.

Why It Matters

A 1031 exchange can delay tens of thousands, or even millions, of dollars in taxes that would otherwise be due upon sale. This allows investors to keep 100% of their equity working and compounding over time. When used repeatedly, 1031 exchanges can roll gains forward for decades. And when a property is eventually passed on to heirs, the step-up in basis wipes out the deferred taxes altogether, meaning those gains may never be taxed at all.

What Investors Can Expect

  • Identification Rules: Investors must follow one of three rules—the three-property rule, the 200% rule, or the 95% rule—to list qualifying replacement properties.
  • Debt Replacement: If the new property has less debt than the one sold, the difference (called “boot”) becomes taxable unless it’s offset with new financing or a seller carryback loan.
  • Backup Planning: Consider lining up fallback options, such as Delaware Statutory Trusts (DSTs), in case your preferred replacement falls through. Note however with DSTs there is significant fee-drag compared to regular multifamily investments. Syndicated DST offerings marketed through broker‑dealers routinely layer 7%–14% of equity in up-front fees, plus ongoing servicing charges, all of which dilutes yield. Also note that DSTs offer limited financial flexibility. Because DSTs cannot raise new equity or refinance existing debt without jeopardizing 1031 status, sponsors may be forced to sell an asset, or convert the trust to an LLC sooner than planned if major cap‑ex or market disruptions arise.
  • Regulatory Watch: Tax rules surrounding 1031 exchanges are occasionally subject to congressional scrutiny. Stay updated to make sure your strategy remains compliant[7].

Real-World Example

An investor sold a multifamily property in Phoenix, realizing a $4 million capital gain. Instead of paying taxes, they rolled the proceeds into a $15 million commercial property in Austin through a 1031 exchange. This move deferred an estimated $2.4 million in taxes, preserved full equity, and allowed the investor to fund value-add improvements that ultimately increased the property’s stabilized value well beyond the deferred tax amount. To learn more, see The Investor’s Guide to 1031 Exchanges for Multifamily Properties.

5. Qualified Business Income (QBI) Deduction

What It Is

The Qualified Business Income (QBI) deduction, introduced under Section 199A of the Internal Revenue Code, allows owners of pass-through entities (like LLCs and partnerships) to deduct up to 20% of their net business income from their taxable income[9]. For multifamily real estate investors, rental income may qualify for this deduction if the activity is considered a trade or business. The One Big Beautiful Bill Act (OBBBA) made this benefit permanent, while also increasing the income thresholds at which the deduction begins to phase out[10][11]. As of now, the phase-out begins at $364,000 for single filers and $464,000 for joint filers, both of which are indexed for inflation. Above these limits, additional wage and asset-based tests apply.

Why It Matters

As properties mature and depreciation benefits decline, the QBI deduction helps investors preserve tax efficiency by reducing their effective tax rate on rental profits. Instead of paying the full 37% top federal tax rate, qualifying investors pay closer to 29.6%, representing a substantial improvement without altering operations or incurring new risk.

What Investors Can Expect

  • Eligibility: Investors must show the activity rises to the level of a trade or business. One safe-harbor option is to document 250 hours of rental-related activity per year.
  • Reporting Requirements: QBI amounts are shown on Schedule K-1, Box 20, Code Z, which includes income, wages, and asset basis. Proper aggregation of multiple properties can simplify reporting and improve deduction eligibility.
  • Interaction with Losses: Net losses from previous years will reduce your current-year QBI. This means you may not get the full 20% deduction if your real estate investments are still operating at a paper loss.
  • State Tax Considerations: Not all states follow federal QBI rules. Be sure to review your specific state’s treatment of this deduction.

Real-World Example

A 300-unit apartment community in North Carolina generated $600,000 in taxable rental income. Because the income qualified under Section 199A, the owner claimed a $120,000 QBI deduction, saving approximately $44,000 in federal income tax. Those savings directly increased the investor’s net yield by about 90 basis points, with no changes to operations or capital structure. To learn more, see Harnessing the Qualified Business Income (QBI) Deduction to Boost After-Tax Yields in Commercial Multifamily.

6. Interest-Expense Deductibility

What It Is

The deductibility of interest expense is governed by Section 163(j) of the Internal Revenue Code. This rule limits how much business interest you can deduct, capping it at 30% of your Adjusted Taxable Income (ATI)[10]. Before 2025, ATI excluded depreciation and amortization, which often limited the interest deductions available to real estate investors. But the One Big Beautiful Bill Act (OBBBA) changed that. Starting in 2025, ATI is once again calculated using the EBITDA method (Earnings Before Interest, Taxes, Depreciation, and Amortization). This more generous formula increases the amount of interest that can be deducted each year[12]. Also, smaller entities (those with average gross receipts under $30 million) are exempt from this cap altogether. And even larger real estate businesses can elect out of the limitation, although doing so requires using the Alternative Depreciation System (ADS) and forgoing bonus depreciation.

Why It Matters

This change is a big win for multifamily investors. Adding back depreciation makes ATI larger, which means there is more room to deduct mortgage interest, especially in higher-leveraged properties with loan-to-value ratios of 60%–75%. It reduces the chance of getting stuck with deferred interest expense and keeps more deductions usable in the early years, when tax savings matter most.

What Investors Can Expect

  • Monitoring: Be sure to carefully underwrite interest coverage, especially in lease-up or rising rate scenarios. Run stress tests to determine whether interest will remain deductible under various income levels.
  • Carryforwards: If your interest expense is disallowed in any year, it doesn’t disappear. Rather, it carries forward indefinitely and can be used when income rebounds.
  • Compliance: File IRS Form 8990 each year. Partnerships also need to provide interest limitation details to their partners.
  • Financing Strategy: Knowing interest is fully deductible may support slightly higher leverage, as long as your debt service remains prudent.

Real-World Example

A lease-up multifamily project generated $700,000 in EBIT and paid $750,000 in interest. Under the old rules (which excluded depreciation), most of that interest would have been disallowed, with about $540,000 deferred. However, with the return of the EBITDA-based formula in 2025, ATI increased to $2.5 million, enabling the investor to deduct the full $750,000. That avoided a significant temporary tax hit and improved cash flow during a critical stage of stabilization. To learn more, see Multifamily Tax Advantages: Interest Expense Deductibility for Investors.

7. Opportunity Zones (OZs)

What It Is

Opportunity Zones (OZs) were created to encourage long-term investment in economically distressed areas by offering powerful tax incentives. If you invest capital gains into a Qualified Opportunity Fund (QOF) within 180 days of recognizing the gain, you can defer the taxes on those gains until December 31, 2032[8]. Even better, if you hold the OZ investment for at least 10 years, any appreciation on that investment becomes completely tax-free. The Treasury will begin updating OZ designations every 10 years, with new regulations expected to take effect in 2026. Some Opportunity Zone projects may also qualify for state or federal tax credits, adding even more upside to the investment.

Why It Matters

Opportunity Zones give investors a rare combination: tax deferral on capital gains and tax exemption on new appreciation. This makes them especially appealing for high-net-worth investors looking to deploy capital gains from stocks, or business sales. And if the project includes development or major rehab, those construction costs may qualify for 100% bonus depreciation, giving investors even more deductions in the early years.

What Investors Can Expect

  • Eligibility: Both short- and long-term capital gains are eligible for deferral. However, ordinary income does not qualify.
  • Improvement Requirement: If you’re investing in an existing building, you’ll need to double the property’s basis within 30 months to meet the substantial improvement test.
  • Filing Requirements: Investors must submit IRS Form 8997 annually, while QOFs file Form 8996[8].
  • Tax Exemption on New Capital Gains: You can elect a step-up in basis for the OZ investment any time through 2047, allowing a completely tax-free sale.
  • Exit Inflexibility: Under current rules, to secure the full capital-gains exclusion on a Qualified Opportunity Fund (QOF) investment, investors must hold the project for at least 10 years. Only after that can the basis be stepped up to fair market value and appreciation be fully shielded from tax.
  • Area Concerns: OZs are, by definition, located in economically distressed census tracts. Many face elevated crime rates and lack of community amenities, meaning investors may need to account for societal challenges and slower market recovery in these neighborhoods.
  • Initial Deferred Tax Due Regardless, Just Delayed: Deferring prior capital gain into a QOF does not erase it. Under the legacy rules that still apply to pre-2027 investments, the deferred gain becomes taxable on December 31, 2026 (or upon an earlier inclusion event), so investors counting on a later refinance need to plan liquidity for that 2026 tax bill.

Real-World Example

An investor realized a $3 million gain from selling stock and rolled that into a multifamily development in an Opportunity Zone. This move deferred $714,000 in immediate tax, created bonus depreciation losses, and is projected to generate a 2.1x equity multiple by Year 11. Because of the 10-year hold, all of that appreciation will be free from federal capital gains tax. To learn more, see Tax Advantages of Opportunity Zones (OZ) for Commercial Multifamily Investors.

8. Estate Step-Up in Basis

What It Is

When a property owner passes away, the IRS allows the property’s tax basis to be “stepped up” to its fair market value on the date of death. This means that any unrealized capital gains, including years of deferred taxes from depreciation or 1031 exchanges, are effectively wiped out for the heirs[14][15]. The One Big Beautiful Bill Act (OBBBA) also increased the federal estate tax exemption to $15 million per individual (or $30 million for married couples), starting in 2026 and indexed for inflation[10][11].

Why It Matters

This provision is a cornerstone of multigenerational wealth planning. When paired with tools like 1031 exchanges, it allows investors to defer taxes during their lifetime and then eliminate those taxes entirely at death. As a result, heirs inherit property with a clean slate, and often have the option to refinance, sell, or re-depreciate the asset from its new stepped-up basis. The expanded estate exemption also reduces or eliminates estate tax liability for many high-net-worth families, especially when combined with tools like trusts and gifting strategies.

What Investors Can Expect

  • Valuations: It’s important to get professional appraisals to establish the fair market value at the time of death. This becomes the new basis for tax purposes.
  • Income vs. Estate Tax: The step-up removes any capital gains and depreciation recapture, but estate taxes may still apply if your estate exceeds the exemption amount.
  • Liquidity Options: Rather than selling property late in life, some investors opt to refinance and pull out tax-free cash, while still preserving the full step-up for heirs.
  • Heir Flexibility: After inheriting the property, heirs can choose to sell with little or no tax or begin depreciating the asset again over 27.5 years.

Real-World Example

A couple used 1031 exchanges for decades, building a $24 million portfolio while deferring over $8 million in capital gains. When the second spouse passed away in 2031, the entire portfolio received a step-up in basis, erasing all deferred tax liability. The heirs refinanced at 60% loan-to-value, pulled out $14 million in tax-free liquidity, and began depreciating the newly reset asset base—turning a lifetime of tax deferral into lasting, tax-efficient wealth transfer.

Conclusion

The post-2025 tax environment offers multifamily real estate investors a remarkably consistent and favorable landscape. With the return of 100% bonus depreciation, an EBITDA-based interest limitation, a permanent QBI deduction, and extended Opportunity Zone timelines, investors have more tools than ever to maximize after-tax returns[3]. These newer provisions build on long-standing strategies such as 1031 exchanges, cost segregation, and the step-up in basis, all of which continue to provide powerful tax deferral and elimination opportunities. When combined with disciplined underwriting and strategic asset management, these tax incentives can significantly enhance portfolio performance, especially for high-net-worth individuals and family offices aiming to preserve and grow wealth over time[6][7]. Understanding how each of these advantages works and applying them with precision can make the difference between average and exceptional investment outcomes.

FAQ

  1. Does OBBBA change the standard 27.5-year depreciation schedule for residential rental property? No. The standard depreciation period for residential rental property remains 27.5 years.

  2. How long will 100% bonus depreciation be available? Indefinitely for qualifying property placed in service on or after January 20, 2025, based on current law.

  3. Can passive real estate losses offset capital gains from other investments? Yes. Passive losses can be used to offset any passive income, including gains from the sale of other passive real estate.

  4. What happens if I miss the 45-day deadline to identify a replacement property in a 1031 exchange? The exchange fails, and the sale becomes taxable. To reduce this risk, consider backup properties or Delaware Statutory Trusts (DSTs).

  5. Do triple-net leases qualify for the QBI deduction? Usually not—unless the landlord provides enough services to meet the IRS definition of a trade or business.

  6. Should I elect out of Section 163(j) interest limitations after 2025? Rarely. The EBITDA-based rule typically allows full interest deductions without requiring a switch to ADS depreciation.

  7. Can depreciation losses be used as earned income to contribute to a Roth IRA? No. Depreciation losses reduce taxable income but do not count as earned income for IRA contribution purposes.

  8. When do I need to pay tax on deferred Opportunity Zone gains? On December 31, 2032, with the tax due in your 2032 tax return, filed in 2033.

  9. Do all states recognize 1031 exchanges for state tax purposes? Most do—but some do not. Always check your state’s current tax treatment of 1031 exchanges.

  10. If my estate is worth $25 million, will my heirs owe estate tax? Possibly. With the OBBBA raising the exemption to $15 million per individual, a married couple can shield up to $30 million. Only the amount above that is subject to estate tax. Planning tools like trusts and lifetime gifting can help manage any exposure.

Footnotes/Glossary

  1. IRS Publication 527 (2024) – Residential Rental Property (Including Rental of Vacation Homes). (irs.gov)
  2. IRS Publication 946 (2024) – How to Depreciate Property. (irs.gov)
  3. KBKG Tax Insight (Nov 2023) – Can You Do Cost Segregation on Residential Rental Property? (kbkg.com)
  4. Journal of Accountancy (Sep 2023) – Passive Loss Limitations on Rental Real Estate. (journalofaccountancy.com)
  5. IRS Topic No. 425 – Passive Activities – Losses and Credits. (irs.gov)
  6. IRS Fact Sheet FS-2008-18 – Like-Kind Exchanges Under IRC § 1031. (irs.gov)
  7. Investopedia (Feb 2024) – Section 1031 Exchange Definition and Rules. (investopedia.com)
  8. IRS – Invest in a Qualified Opportunity Fund. (irs.gov)
  9. IRS News Release IR-2019-158 – Safe Harbor for Rental Real Estate to Qualify for QBI Deduction. (irs.gov)
  10. Kirkland & Ellis (Jul 2025) – Final One Big Beautiful Bill Act: Key Tax Provisions. (kirkland.com)
  11. Lewis Rice (Jul 2025) – Significant Tax Changes in the One Big Beautiful Bill Act. (lewisrice.com)
  12. Journal of Accountancy (Jul 2025) – Tax Provisions in the One Big Beautiful Bill Act. (journalofaccountancy.com)
  13. Tax Foundation (Jul 2025) – Pros and Cons of the One Big Beautiful Bill. (taxfoundation.org)
  14. Investopedia (Feb 2025) – Step-Up in Basis: Definition and How It Works. (investopedia.com)
  15. IRS Topic No. 701 – Basis of Inherited Property. (irs.gov)
  16. H.R. 1 (119th Congress), One Big Beautiful Bill Act — legislative text and Congressional Research Service. (congress.gov)
This material is for informational purposes only and does not constitute tax, legal, or investment advice. Always consult your advisors before making financial decisions.

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