Stepped-up basis by an decedent's estate

[Greta]

When a decedent's estate sells rental house of the decedent, is there a stepped-up basis?

[IRonMaN · Accepted solution]

Yes

[GodFather]

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.  

[PATAX]

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....

[IRonMaN]

So to be safe, the current strategy is to tell clients to die now --------------------- just in case 🤔

[PATAX]

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....

[BobKamman]

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."  

[PATAX]

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.....

[BobKamman]

But, there's this book that says the meek shall inherit the earth -- I bet they pay tax on it, then!