ilmscore | Prediction Details
"and then when you die you pass your shares onto somebody else and the person who gets your shares your new company they get something called stepped up bases and they don't have to worry about the major tax implications because of the stepped up bases what that means is let's assume that you have a company worth a million dollar but your basis what you bought it for is $11,000... the IRS assumes that they don't get it for $1,000 the IRS assumes that they bought it for a million and so if a kid now sell this asset for a million doar they have $0 in taxable income"
By Minority Mindset | June 9, 2024 | Pending
From video
How Rich People Use Debt & Taxes To Get Rich(er) 00:07:47 - 00:08:54
Interpreted Prediction
Heirs receive assets with a 'stepped-up basis,' meaning the IRS treats their purchase price as the current market value, eliminating capital gains tax on prior appreciation.

Prediction Details

Topic
Stepped-Up Basis

Comments

0 comments

Be the first to share your thoughts.

Like this prediction?

Join to make your opinion count.