Inherited assets don’t have to incur added fees. 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.

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Dear Action Line: I recently sold some stock I inherited from my dear mother and wonder how to play the "capital gain or capital loss" gambit. Don't I have to know what it was bought for? - S.T., ...

ANSWER: Inheritance is generally not subject to state or federal income tax. However, the growth in value of inherited assets may be subject to state and federal income tax. Understanding what the ...