Posted 1/11/2021 22:23 (#8743955 - in reply to #8743516) Subject: RE: Stepped up basis... agai
Columbia Basin, Ephrata, WA
Kooiker - 1/11/2021 17:51
Indrtfmr - 1/11/2021 19:46 How ignorant, a guy scrimps and saved to help his kids out and you want 67% of it? He paid for it with money he saved after taxes
Actually the part that his kids would owe taxes on is appreciation in value that has never been taxed.
The part that he paid for with after tax money would not be taxed again.
Where your notion goes all wrong is that you’re making “parts” of a whole. The whole thing was paid for with after tax money. There is no “part” that has never been taxed. The fact that there was inflation does not create a new “part” of a property. It’s still the same property, with the same real value, and tax was paid. Putting a big nominal value of fiat currency on something does not make the object more valuable, or create a new “part.”
At the rate money is being created, pretty ordinary houses are going to be over the $3.5 million exemption by the time some of us die. Everyone is going to get their chance to be screwed if this comes to pass.
Stepped up basis... again
