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

Select a letter below or enter a term or keyword.

◁ Back

Stepped-up basis

A higher basis than an asset had in the hands of a previous owner. Under present law, this is accomplished through a transfer on which the gain is taxable or through acquisitions (not subject to the carryover basis rules) from a decedent.