Free Republic 2nd Qtr 2024 Fundraising Target: $81,000 Receipts & Pledges to-date: $32,825
40%  
Woo hoo!! And we're now over 40%!! Thank you all very much!! God bless.

Keyword: stepupinbasis

Brevity: Headers | « Text »
  • Step up in Basis about to go away w/ Team Biden?

    02/20/2021 11:08:31 AM PST · by taildragger · 65 replies
    02/20/2021 | 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...