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Real Estate
Reply to "Real estate & tax implications - elderly parent "
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[quote=Anonymous][quote=Anonymous]Democrats have formally proposed eliminating the step up basis for inheritance. (It's an unfair tax loophole and should be eliminated, imo.) It probably won't disappear in the next 2 years but I bet it will disappear in the next 5, 10 years at most.[/quote] This has actually traditionally been a Republican proposal because it was always buried in the fine print of estate tax repeal (that is, estate tax repeal was a tax break for the superrich but a tax increase for 99.9% of Americans) but I actually don’t think it will go anywhere because it’s a huge paperwork nightmare to figure out the basis of inherited property. I do think the estate tax exemption may go lower. [/quote]
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