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Kettle Moraine, WI | Serious question with slight rephrasing.
What is right with inheriting asset appreciation above cost basis that has not been taxed?
I can agree with upset from a tax on "paid for" assets. I can't agree that untaxed gains should be washed away because someone is dead.
I feel inherited assets should inherent the tax attributes of the deceased owner at the time of death (cost basis, remaining depreciation, and potential capital gains). Accelerating those taxes owed (inheritance tax) is as wrong as never taxing them. (Stepped up basis) | |
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Stepped up basis... again
