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Minnesota | Not necessarily true I see lots of land being inherited by children on land that was bought 40 years ago by their parents, they get the stepped up basis when they inherit the land and sell it shortly after paying very little tax because of the new basis. Actually having the stepped up basis might put more land on the market, heirs are willing to sell taking advantage of the new basis. If there was no stepped up basis land probably would never change hands, imagine if you were an heir to land your parents bought 50 years ago a say at 1000 and acre you inherit that at today’s land price of 10,000 or more your paying a lot of capital gains tax when you sell, so you probably don’t, just rent it out for 300 an acre and have a steady income.
Edited by plowboy29 1/18/2025 11:22
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Land Value - Where is this beast headed?
