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Midwest | the other downside of gifting when still alive is that the new owner (child) does not get a stepped up basis like they would have if giver (parent) was the estate. Lot of land out here that was bought by parents for $1000 to 3000 per acre that are now worth $10,000. that is a lot of future capital gains if ever sold by next generation. And Biden's plans for capital gains and no stepped up basis might make it all taxed a lot sooner, and at higher rates than most of us have seen in our lifetime. | |
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Interesting read
