Learn or Find Bookkeeping, Payroll, Accounting, QuickBooks, or Tax Terms

Select a letter below or enter a term or keyword.

◁ Back

Devise

A devise is a gift of real property by will. In the income tax law, the term is used mainly in connection with determining the basis of property so acquired. Basis of property acquired by devise is the value at the date of death of the decendent, or at the alternate valuation date if elecred for estate tax purposes. A devise is excluded from gross income for federal income tax purposes.