Biden also screwed with leaving your house to your kids... they don’t get the ‘stepped up’ benefit anymore. Biden hates the working and middle classes.
Are you sure the “basis step-up” is gone? It’s been proposed many times, but I was not aware they eliminated it.
I haven’t heard anything about the 121 exclusion going away. There has been talk of it for years but I have yet to see it seriously considered, much less implemented.
That's not all. It has been a common practice in the last 20 years to place a family home in a trust to avoid inheritance taxes. No more. The government wants to tax than "unrealized gain". More often than not, the home has to be be sold to "realize the gain and pay the taxes".
Not getting the stepped up value is BEYOND VILE. It must be rescinded by some future Congress.