Missouri river bottom south of Sioux City, IA | For 2018 the federal estate and gift tax limit per person is $11,180,000. We don’t know how many years that will stay in effect but it needs to be considered when planning your estate.
Yes, upon death everything you own gets a step up in basis. Plus who ever inherits the property that qualified to be depreciated in the past can start depreciating it again at that stepped up basis. Looks like a transfer to the next farming generation got a little easier.
Tom N.
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Do you pay income taxes?
