Posted on 02/20/2021 11:08:31 AM PST by taildragger
Freepers.
Met with my CPA over the innerwebs today. A conservative, 30+ years in the biz.
So they tell me what Team Biden is thinking of doing.
Elimination of the Step Up in Basis, That is mind blowing.
How many of you are keeping running ledgers of Assets and or improvements to hard assets aka real estate etc.? We have been running under the Step Up in Basis rule for some time now.
It gets worse.
You don't or can't come up with a basis? The IRS will assume Zero, that's right, you will pay tax on the full value of the asset.
The only saving grace is the Swamp may not want it to hit their offspring, so this may go nowhere, unless they get an exemption...
Bkmk
How does that work.?
bump
You can go to a title company (or attorney), have them draw up a warrantee deed, you sign it, and the title company files it for you. They charge a fee for this, but it was less than $150 here.
Thanks....will do it.
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