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I guess stepped up basis is considered a loophole
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w1891
Posted 6/30/2020 08:20 (#8344840 - in reply to #8344837)
Subject: RE: I guess stepped up basis is considered a loophole


S Illinois
You have little idea on how taxes are structured with that statement.

Edit: You buy a $1,000 capital asset. You were taxed a single time on the income to purchase that asset. Inflation causes that asset to appreciate to $2000. Currently no tax is owed upon death. Even if sold before death you would only be taxed on the $1000 gain. Where are you coming up with a double or triple tax?

Edited by w1891 6/30/2020 08:22
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