Source: AGWEB, 9/19/21


We know that last week the House Ways and Means Committee released tax proposals that eliminated the "transfer tax" on appreciated assets either during lifetime or at death.  Most people viewed this as a victory for not eliminating the step-up in basis at death. However, this is just the House bill.  We continue to hear chatter, including an article in the Wall Street Journal, indicating the Senate may impose some type of reducing or eliminating the step-up in basis at death, especially if the person owning the assets had borrowed more money during lifetime that exceeded the basis.  

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