4 ms·
If he sells. We have a bunch of rentals around here and we have no plans at all to ever sell. And when we die the tax basis for our kids will be the value of t
by TomVDB 8y ago
If he sells.
We have a bunch of rentals around here and we have no plans at all to ever sell. And when we die the tax basis for our kids will be the value of the properties at our time of death. (And I think they can even start using depreciation again.)
- stanleydrew 8y agoAgreed, the step up in tax basis at time of inheritance is really the problem with that though. Which is a problem regardless of depreciation. The new tax law that was passed I thought might eliminate that loophole, but the proposal was nixed in the final bill.
- amanaplanacanal 8y agoA lot of the simplification and rationalization that was the initial selling point for the tax bill somehow got traded in for large tax decreases for the wealthiest before it was signed. In my generous moments I think that they really did intend simplification and were simply bowled over by the other interests. In my less generous moments I notice that they keep saying that they are doing A, and instead do B. Again and again.