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Farmington, Mo | If it wasn’t for the insane amount of money “printing” that fuels deficit federal spending, the assets wouldn’t be appreciating like they are…therefore, there shouldn’t be a tax on the gain in value of an asset when it’s inherited (or sold IMHO).
The government created the environment for the asset, land in this case, to increase in value due to a devalued currency created by the government…it’s like the fire department setting things on fire so you have to call them to put it out!!
So no, I don’t believe land that’s inherited should be taxed on transfer…capital gains tax I don’t believe is right either but that’s a different discussion and there are mechanisms in place to roll that forward into other investments. | |
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Elimination of stepped up basis
