If there was simply the step up in cost basis, that would lead to challenges when wanting to move money to better opportunities (any sale would trigger the taxes)
However, when selling rental real estate, it can be immediately reinvested to defer any capital gains taxes. Of course, as you mentioned with the step up in cost basis that occurs at death, that just means you can keep buying and selling real estate indefinitely, all the while deferring any taxes until the cost basis step up that occurs after death. The 1031 exchange is in the crosshairs of mainstream democrats at this point, but not a priority I guess. There are also proposals to tax unrealized capital gains for ultra high net worth families ($100 million) regularly floated.
There is a federal estate tax, though Trump significantly raised the exemption during his first term. A bunch of states of estate taxes, too.
Count me in as a large skeptic of alien visitors. You could come up with just about any absurd alternative explanation and I'd say "still more likely than aliens."
I think all hope of any type of tax reform for the wealthy is out-of-the-question for the foreseeable future, unfortunately...
And I don't know what to make of this UAP stuff. On the one hand, it's operating much like a traditional con man scam ("you'll have your money *tomorrow*!" I promise, *tomorrow*!") but on the other hand, it's very credible people coming forward. For now, I'm just following the story and waiting for anything tangible.
Updates since them have been few but significant. It's really mind-blowing, especially as a skeptic. But definitely a story that has huge potential remifications.
Add 1031 exchanges to the tax advantages.
If there was simply the step up in cost basis, that would lead to challenges when wanting to move money to better opportunities (any sale would trigger the taxes)
However, when selling rental real estate, it can be immediately reinvested to defer any capital gains taxes. Of course, as you mentioned with the step up in cost basis that occurs at death, that just means you can keep buying and selling real estate indefinitely, all the while deferring any taxes until the cost basis step up that occurs after death. The 1031 exchange is in the crosshairs of mainstream democrats at this point, but not a priority I guess. There are also proposals to tax unrealized capital gains for ultra high net worth families ($100 million) regularly floated.
There is a federal estate tax, though Trump significantly raised the exemption during his first term. A bunch of states of estate taxes, too.
Count me in as a large skeptic of alien visitors. You could come up with just about any absurd alternative explanation and I'd say "still more likely than aliens."
I think all hope of any type of tax reform for the wealthy is out-of-the-question for the foreseeable future, unfortunately...
And I don't know what to make of this UAP stuff. On the one hand, it's operating much like a traditional con man scam ("you'll have your money *tomorrow*!" I promise, *tomorrow*!") but on the other hand, it's very credible people coming forward. For now, I'm just following the story and waiting for anything tangible.
Great piece here, Dann.
I am curious about the aliens and frustrated I haven't heard much about them except by you (now).
I need to dig further into when we (may) receive more information from our government.
Thank you! I first realized the whole Unidentified Anomalous Phenomena (the current term for UFOs) was actually something real back in 2017 with this explosive New York Times article (https://www.nytimes.com/2017/12/18/insider/secret-pentagon-ufo-program.html).
Updates since them have been few but significant. It's really mind-blowing, especially as a skeptic. But definitely a story that has huge potential remifications.