By the way they do tax assets in retirement accounts (401k or IRA) based on the cost basis of the original owner and at the higher regular income tax rate (not the capital gains rate).
The step up in cost basis at the time of a person’s death only applies to non retirement assets.
I did not know that - my Dad was a business owner, and he always considered the business to be his retirement income.
Just to be sure I understand...
The higher 401K-IRA tax rates apply when the retirement account is passed on to heirs, after the death of the original owner?