OPINION: Lowering the $11.7 million threshold on inheritance tax is more rational than the carry-over basis.
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.
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