Posted 1/11/2021 18:03 (#8743182 - in reply to #8743141) Subject: RE: Stepped up basis... again
West Lafayette IN
The way I understand it, you don’t get the stepped up basis and you only get $3,500,000 exemption. If your farm went from $1,000,000 to $5,000,000 during your life, your heirs will have to pay death tax on $1,500,000. They may have to sell some to pay the tax and then you would have to pay Capitol Gains on what you sell. It’s a one, two punch. I hope I’m wrong.
Stepped up basis... again
