What is the step-up in basis, and how does it reduce capital gains tax?

The step-up in basis is a federal tax provision under IRC §1014 that resets the cost basis of an inherited asset to its fair market value at the date of the owner's death. This eliminates all capital gains that accumulated during the original owner's lifetime, meaning heirs who sell the asset shortly after inheriting it may owe little or no capital gains tax.

Do assets in a revocable living trust qualify for the step-up in basis?

Yes. Assets held in a revocable living trust are included in the grantor's taxable estate and qualify for the full step-up in basis at death. This is one of the key advantages of a revocable trust: you get probate avoidance and the step-up in basis.

Does California have a separate capital gains tax?

California does not have a separate capital gains tax rate. Instead, the state taxes all capital gains as ordinary income at rates up to 13.3%. This makes California one of the most expensive states for capital gains, which is why proper estate planning to preserve the step-up in basis is especially important for California residents.

What is the difference between the step-up in basis and Proposition 19?

The step-up in basis is a federal income tax provision that affects capital gains when you sell an inherited asset. Proposition 19 is a California property tax law that affects your annual property tax assessment on inherited real estate. They are two separate tax systems. An heir can receive a full step-up in basis while still facing a property tax reassessment under Prop 19.

Is it better to gift property or leave it as an inheritance?

In nearly all cases, it is better to leave appreciated property as an inheritance rather than gifting it during your lifetime. When you gift property, the recipient takes your original cost basis (a carryover basis), which means they could face substantial capital gains when they sell. When property passes at death, the beneficiary receives a step-up in basis to fair market value, potentially eliminating capital gains entirely.

Can an irrevocable trust preserve the step-up in basis?

It depends on how the irrevocable trust is structured. If the trust is designed so that the assets are still included in the grantor's taxable estate (such as an intentionally defective grantor trust, or IDGT), the assets may receive a step-up. However, assets in a standard irrevocable trust that are removed from the grantor's estate typically do not qualify for the step-up in basis.

How do I prove the stepped-up basis to the IRS?

You need documentation of the asset's fair market value at the date of death. For real estate, obtain a certified appraisal from a licensed appraiser as of the date of death. For publicly traded stocks, use the closing price on the date of death. For business interests, obtain a formal business valuation. Keep a certified copy of the death certificate, the trust or will documents, and all appraisal reports with your tax records.

How to Avoid Capital Gains Tax Through Estate Planning in California

March 29, 2026

Capital gains tax avoidance strategies in California estate planning

What Is Capital Gains Tax?

Capital gains tax applies when you sell an asset for more than you originally paid for it. The difference between your purchase price (called your “cost basis”) and the sale price is your capital gain, and the IRS wants its share.

There are two types of capital gains:

Short-term capital gains apply to assets held for less than one year and are taxed at your ordinary income tax rate (up to 37% federally).
Long-term capital gains apply to assets held for more than one year and are taxed at preferential rates of 0%, 15%, or 20%, depending on your income.

For California residents, the tax burden gets steeper. The state taxes all capital gains as ordinary income at rates up to 13.3%, one of the highest state tax rates in the country. Combined with federal rates and the 3.8% Net Investment Income Tax (NIIT) for high earners, California families can lose 33% to 37% of their gains to taxes.

For homeowners in Central California, where property values in Clovis, Madera, and Solvang have appreciated significantly over the past several decades, the potential capital gains tax on inherited or long-held real estate can easily reach six figures.

Schedule a consultation with Lawvex to discuss your estate planning options and reduce your family’s capital gains tax exposure.

The Step-Up in Basis: Your Most Powerful Tax Planning Tool

The single most effective way to minimize capital gains tax through estate planning is the step-up in basis. Under Internal Revenue Code Â§1014, when a person passes away, the cost basis of their assets is “stepped up” to the fair market value on the date of death.

This means that all the appreciation that occurred during the original owner’s lifetime is effectively erased for tax purposes.

Example: Suppose your parents purchased a home in Clovis for $150,000 in 1990. By the time of their passing, the home is worth $750,000. Without a step-up in basis, selling the home would result in $600,000 of taxable capital gains. With the step-up, the heir’s new cost basis becomes $750,000. If the heir sells the property shortly afterward for $750,000, the taxable gain is zero.

The step-up in basis applies to most capital assets, including:

Real estate (primary homes, rental properties, vacant land)
Stocks, bonds, and mutual funds
Business interests and partnerships
Collectibles and artwork

Notably, retirement accounts such as IRAs and 401(k)s do not receive a step-up in basis. These accounts are taxed as ordinary income when distributed to beneficiaries, regardless of when the original owner acquired them. If your estate includes both appreciated real property and retirement accounts, understanding which assets receive a step-up is critical for effective tax planning. Learn more about how retirement income is taxed in our guide to California Social Security taxation.

Step-up in basis illustration showing property value appreciation in California

Revocable Living Trusts and Capital Gains

A revocable living trust is one of the most widely used estate planning tools in California, and for good reason. While a revocable trust does not provide any capital gains tax advantages by itself during your lifetime, it plays a critical role in preserving the step-up in basis for your heirs.

Here is why this matters:

Assets in a revocable trust qualify for the full step-up in basis at the grantor’s death, just as if they were held outright. The IRS treats revocable trust assets as part of the decedent’s estate for tax purposes (IRC Â§2038).
Avoids probate delays. California probate typically takes 12 to 18 months. During that time, heirs may be unable to sell or refinance inherited property. A properly funded trust allows the successor trustee to act immediately, selling assets while the stepped-up basis is still close to market value.
Provides clear documentation. A well-drafted trust establishes a clear chain of ownership, making it easier to prove the stepped-up basis to the IRS if the property is later sold.

The key distinction is between revocable and irrevocable trusts. Assets in a revocable trust are included in the grantor’s taxable estate, which means they receive the step-up. Assets transferred to most irrevocable trusts are removed from the grantor’s estate, which means they may not receive a step-up in basis. This is one of the most common and costly mistakes families make.

California’s Community Property Advantage: The Double Step-Up

California is a community property state, and this provides a significant capital gains tax advantage that many families overlook. When one spouse passes away, both halves of community property receive a step-up in basis, not just the deceased spouse’s share.

This is often called the “double step-up,” and it is unique to community property states like California.

Example: A married couple in Madera purchased a home together for $200,000. When one spouse passes away, the home is worth $800,000. In a common law state, only the deceased spouse’s half ($100,000 basis on $400,000 value) would receive a step-up. The surviving spouse’s half would retain its original $100,000 basis. But in California, the entire property receives a step-up to $800,000, meaning the surviving spouse could sell the home with zero capital gains.

To preserve this advantage, married couples should:

Ensure that property is properly characterized as community property in their estate plan
Avoid converting community property to joint tenancy, which only provides a step-up on the deceased spouse’s half
Consider a community property agreement or community property trust to clearly establish the property’s character

Contact Lawvex today to learn how California’s community property rules can help protect your family from capital gains tax.

California couple reviewing estate planning documents with financial advisor

Proposition 19 and Property Tax Considerations

Many California families confuse capital gains tax basis with property tax assessed value. These are two separate concepts governed by different laws.

The step-up in basis under IRC Â§1014 affects your federal and state income tax when you sell an inherited asset. Proposition 19, which took effect on February 16, 2021, affects your annual property tax assessment.

Under Prop 19:

The parent-to-child transfer exclusion is limited to a primary residence that the child uses as their own primary residence
There is a cap on the exempted assessed value difference (the greater of $1 million or the current assessed value)
Investment and rental properties transferred from parents to children will be reassessed to current market value

This means an heir can receive a full step-up in basis (eliminating capital gains) while simultaneously facing a property tax reassessment that dramatically increases their annual property tax bill. Understanding both implications is essential for making informed decisions about whether to sell or keep inherited property.

California families in Clovis, Madera, and Solvang should work with an estate planning attorney who understands both the federal income tax implications and California’s property tax transfer rules under Proposition 19.

For families holding highly appreciated assets like stocks or real estate, a charitable remainder trust is another strategy worth considering. A CRT lets you contribute appreciated property to an irrevocable trust, avoid the upfront capital gains tax, and receive an income stream for life or a set term of years. The remaining assets then pass to a charity you choose.

Common Mistakes That Trigger Unnecessary Capital Gains Tax

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About the Author: Gary Winter

Mr. Winter is the founder and CEO of Lawvex. He has over 19 years of experience in business, estate and real estate matters in Central California. Mr. Winter has experienced as a real estate broker, business broker, and real estate appraiser. He is a sought after speaker and podcast guest on cloud-based and decentralized law practice management, marketing, remote work, charitable giving, solar and cryptocurrency. Mr. Winter is an Adjunct Faculty member and Professor of Legal Technology at San Joaquin College of Law, a member of the Board of Directors of the Clovis Chamber of Commerce and the Clovis Way of Life Foundation and a licensed airline transport pilot.

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