Posted 6/30/2020 07:12 (#8344663 - in reply to #8344653) Subject: RE: I guess stepped up basis is considered a loophole
AGDEAL - 6/30/2020 07:07
You sure he wants to get rid of that?
Yup. Of all the things impacting your bottom line currently, this decision will dwarf everything else. Land will take a big hit because of all the forced sales coming on the market that otherwise would have most likely never been for sale. Also think of the financial burden placed upon your spouse to come up with the cash to pay the taxes on your equipment and grain. It would most likely force her to sell everything, as an appraisal will be performed on all the assets, and the tax bill will be forthcoming.