Posted 6/30/2020 13:37 (#8345495 - in reply to #8345061) Subject: RE: I guess stepped up basis is considered a loophole
Short answer: I think the state already assigns a value for you at zero cost to you.
Slightly longer answer: You could use any value you wish as long as it comes reasonably close to a certain percent of value at time of deed change (sale or death).
This is more to point out one of the ways capital has the advantage over labor. Labor pays a tax every year (and at a higher rate), capital doesn't necessarily have to pay a tax.
I guess stepped up basis is considered a loophole
