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| Since he inherited it ten years ago he probably got the stepped up basis. The way it is now they raised the ceiling so the estate tax doesn't kick in until , like 3 million dollars but done away with the stepped up basis. It's one of those things that the Bush tax cuts changed. With land prices exploding like they have I think a lot of people would be better off if the old tax laws came back into play.
Also land use valuation only works if you or an immediate member were actively engaged in farming. It doesn't work if you simply rented it out.
This is a little above my head though. lol. | |
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Capital Gains Tax on inherited land?
