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Home Schooling, Home Mortgages and more, in:

The Rumor Mill News Reading Room

Reader: "***My educated guess would be that at least 95% of Americans donít even know Biden has proposed this."

Posted By: hobie
Date: Saturday, 30-Jan-2021 05:20:56
www.rumormill.news/164891

(Thanks, S. :)

Reader Stormy write/sends us:

***************************************************************************

You know Biden wants to get rid of something c....

When your parents pass and leave you the family house normally you would inherit that property at what it is worth today. If you were to sell that house you would only pay taxes on the gain from what it is worth today and what it sells for. If Biden does away with "Stepped Up Basis" you will inherit the property for what your parents paid for the property. If you decide to sell you will pay taxes on the difference between the original purchase price and what it sells for today. Our kids need to be aware.

Here is what this looks like!

Current Policy

Inherited House at Current Value - $200,000
Sells for $205,000
Taxable income = $5000


Taxes Due - 20% of $5000 = $1000
Profit to you = $204,000

Biden Policy

Inherited House at original purchase price - $40,000
Sells for $205,000
Taxable income = $165,000
Taxes Due - 20% of $165,000 = $33,000
Profit to you = $172,000

If your parent were to have sold this property prior to passing they would have paid no taxes because it was their primary residence.

So much for helping the middle class get ahead.

***My educated guess would be that at least 95% of Americans donít even know Biden has proposed this. We are talking tens of thousands of more tax dollars for the average sold after inheritance! Wow, google ďBiden stepped up basisĒ and educate yourself because this is a biggie!

My guess is they will remove it from Farm and Ranch land as well.. So here it comes...We were warned...I guess you can lead a horse to water but you can't make it drink..

Source: Godlikeproductions.com

***************************************************************************





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