Will the "Stepped Up Basis" rule be eliminated in the US federal tax code before 2035?
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This questions resolves to "Yes" if, before 2035, an asset that is part of an inheritance will be taxed at its original basis rather than getting a "stepped up basis" to a new basis value when the asset is transferred.
An example:
Dad has $1M in stocks that he bought for $100K
Dad dies. We love you Dad.
Kid inherits Dads stocks and then sells the stocks for $1M.
Today, Kid would not owe any capital gains taxes, as the basis will have "reset" to $1M upon the transfer.
But if the stepped up basis is eliminated, then Kid would need to pay capital gains tax on $900K difference between the sale price and the original basis.
More context: https://en.wikipedia.org/wiki/Stepped-up_basis
This question is managed and resolved by Manifold.
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