FMV Archives - Milliken, Perkins & Brunelle

Digital assets and taxes: What you need to know

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May 28, 2025 Judi Jones 1099, cryptocurrency, digital asset, FMV, NFT, stablecoin

digital asset taxes

As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key focus. To help you stay compliant and avoid tax-related complications, here are the basics of digital asset reporting.

Understanding the “step-up in basis” when inheriting assets

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April 23, 2025 Kevin Brunelle fair market value, FMV, inheritance, step up

step-up inheritance

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done.
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