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What's the story with Biden changing how taxation works on inheriting property?

Asked by JLeslie (65419points) October 31st, 2020

I’m seeing republicans posting on facebook that Biden wants to pass legislation regarding inheriting the family house.

This is what a friend wrote: Did you know Biden wants to get rid of something called “stepped up basis”? How does this affect you? 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.

Do you know anything about it? I asked her if it falls within the $12 million per person exemption? If it does, still most people probably won’t be taxed at all, and she didn’t know.

Here is an article also

If it does change do you agree with the change?

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