Great Aunt Jane just died and left you the lake house in her will. But before you sell it, try to answer this brainbuster.
It’s to avoid nightmares like this that Congress has just moved to save a controversial tax “loophole” known as “step-up in basis,” despite the howls of outrage from some.Thanks to this loophole of the tax code, you don’t have to know what GAJ spent on the house. The IRS wipes the slate clean when she dies. Your “tax basis,” if or when you sell the house, is simply what it was worth when you inherited it.
These are complications that are largely ignored when people attack the step-up in basis and call for its repeal.
Whoever wrote this has never worked for anything substantial-it’s actually scary
Are we talking about taxes or votes or both?
But it's someone's inheritance. Parents work all their lives to have something to leave the kids. That's not right so democrats can waste it
Taxes are theft by the government!
If you are dirt poor and inherit a million dollar house or whatever bought in the 90s for 500k or whatever. You can’t afford those taxes because they’re going to be more than you make a year. Stop with the fuck the rich shit. Most people worked to get there. Get over it
Learn the truth about the vaccines m. It’s all on my Twitter page. ⚡️
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