<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=utf-8"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><style><!--
/* Font Definitions */
@font-face
{font-family:Helvetica;
panose-1:2 11 6 4 2 2 2 2 2 4;}
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal>Krista:<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>In my experience brokerages do not automatically review DOD values for purposes of stepping up basis. Most now have the ability to do so at the owner’s request with a few key strokes.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Basis is not reported to the IRS by the brokerage. I has to be known by the owner, so it can be used to measure gain upon sale, or depreciation if that is available (e.g., rental real property). <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>John J. Sullivan<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com> <b>On Behalf Of </b>Krista MacLaren<br><b>Sent:</b> Monday, August 17, 2020 5:44 PM<br><b>To:</b> wsba probate & trust <wsbapt@lists.wsbarppt.com><br><b>Subject:</b> [WSBAPT] Brokerages & stepped up basis<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Hi All - <o:p></o:p></p><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>I am wondering if brokerages have a default to step up the tax basis in an account that passes on the account holder’s death, and that stepped up basis is what is reported to the IRS, or does the PR always have to request that the tax basis be stepped up? What is your practice to ensure the basis is stepped up?<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>Thank you,<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p><div><div><p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:9.0pt;font-family:"Helvetica",sans-serif;color:black'>Krista J. MacLaren<br>Attorney at Law<br>Northgate Executive Center II<br>9725 3rd Ave NE, Suite 600<br>Seattle WA 98115<br>(206) 523-6116<br><a href="mailto:kjm.inc@icloud.com">kjm.inc@icloud.com</a><br><br>Please note, as with most email providers, Mac does not encrypt email messages. Accordingly, the confidentiality of messages sent to this address cannot be assured. This e-mail is intended for viewing only by the individual or entity to whom its content is addressed, and it may contain confidential or privileged information. If you received this email in error, please honor the privacy of the intended recipient: reply to the sender regarding the error and delete the message.<o:p></o:p></span></p></div></div><p class=MsoNormal><o:p> </o:p></p></div></div></body></html>