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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would love to see Yang vs Romney.[/quote]

OMG! How do we get this to happen? I am actually finding the whole terrible choice that we have right now more distressing that the thought of four more years of Trump.

Yang V Romney

Three debates and then a general election. I'd support either winner and wow, what a change it would be. Make no mistake, Biden will be status quo.[/quote]

Let's talk Joe Biden.  The thread is about DC.  Grandma and Grandpa x live in a nice house they've maintained well and bought it in 1975.  Sadly both pass away due to a car accident.  Paid 100k for it in 1975 - that's the basis when perhaps young family grandson [with spouse and a kid] can live in it.  Guess what Biden proposes?  Young family inheriting loses the base and will get cap gains based on FMV-fair market value as of DOD-date of death.  Stepping up with Uncle Joe.

A really gross tax issue is accelerated depreciation- buy commercial/residential, wads of depreciation, when gone sell it.  Businesses churn properties- do not hold them long term.  Even Obama never fixed it- FYI some in that game got individual stimulous checks yet gross over 300k+.  [/quote]

[b]They’re rich. They have a house. They can afford to pay their taxes. If they won’t, get them out of there and put someone in that house who WILL pay the fair taxes on it. [/b]

That’s how you grow a community. By people paying more in taxes, which lets the govt spread wealth around more equitably. [/quote]

I think you need some further explanation.  There's a real nice house listed for about 800k in DC.  Livable but could update kitchens etc. Purchased for 130 in 1999.  If inherited without step up the young couple's basis would be 129.  Under Biden they would pay taxes on the difference between the FMV 800000-130000=670000 less 50k improvements.  Gains tax on 625 and have 10k cash from life insurance proceeds.  Now who could these people be?  Could be nice middle class young couple who do not have the money for the tax on the gain.  Neighborhood is too expensive for them to buy and it provides continuity in a community - not gentrification and flips.  That is very important to consider in DC.[/quote]

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