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SE MN | Just exactly how much of what my parents bought and paid for are you entitled to? 25% is the number? All the years that our neighbors took vacations, bought nice cars, had expensive clothes while we, and I emphasize "we" because I worked to get it paid for as well, did without to get where they are today and you somehow deserve 25% of the gain even though it has never been sold?
And, what are the payments when one needs to borrow 25% of the value of a farm in order cover the tax? Around here that's $3,000/acre, 20 years at 7% is $285/acre.
Go pound sand...
Edit to add: I am in favor of ending stepped up basis as well. With the expectation that there is no tax on inherited assets. If they are sold, pay tax on the gain. If not, no tax. Also, if there is property tax on ag land, there should be an annual tax on the value of 401k/IRA accounts. Both are investments, no reason they shouldn't be taxed the same. The correct way to go about that is no tax on assets that are owned. That is a ridiculous way to fund anything. It results in no one ever truly owning anything.
Edited by Agr723 8/20/2024 15:24
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Elimination of stepped up basis
