|
SE MN | As someone who isn't familiar with tax law, why can't the basis carry over but not trigger a tax event until the land is sold? As long as deed only changes hands through inheritance, the basis follows. That way, the gov gets all its money eventually anyway, good for generational farms, inheritors only need to dig up the tax when they cash out and the tax can just be withheld in the transaction. Stepped up basis makes no sense to me. Land appreciates with a load of tax hidden in its valuation, then it gets inherited and all that tax value disappears? Where did it go? Seems more like a handout than a rational process. | |
|
Stepped up basis... again
