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When a decedent's estate sells rental house of the decedent, is there a stepped-up basis?
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Hopefully the stepped-up basis will remain. It seems there are proposals to do away with this. That would potentially have a large impact on many taxpayers.
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I commented about this several months or so ago... I think a compromise may be to let step-up basis remain up to 5 million dollars... Just my opinion....
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So to be safe, the current strategy is to tell clients to die now --------------------- just in case 🤔
Slava Ukraini!
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If you remember George Steinbrenner died at the "perfect time" (God forgive me) and his children did not have to sell the baseball team to pay the tax....
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You hope for what you want, I'll hope for what I want.
I'll hope that reactionary politicians financed by billionaires will stop campaigning for repeal of the estate tax "because that money has already been taxed once."
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The Golden Rule: "He who has the gold rules"... It is this way in every single country and has been since mankind started, and always will be.....
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But, there's this book that says the meek shall inherit the earth -- I bet they pay tax on it, then!