King@lemy.lol to People Twitter@sh.itjust.works · 11 months agoThe wealthylemy.lolimagemessage-square54fedilinkarrow-up1675arrow-down112file-text
arrow-up1663arrow-down1imageThe wealthylemy.lolKing@lemy.lol to People Twitter@sh.itjust.works · 11 months agomessage-square54fedilinkfile-text
minus-squareMNByChoice@midwest.sociallinkfedilinkarrow-up2·11 months agoGreat explanation. I was surprised that the loan is paid back after the assets get the stepped up basis, and not at the original basis.
minus-squaresugar_in_your_tea@sh.itjust.workslinkfedilinkarrow-up3·11 months agoYup, estate tax uses stepped up basis, and fed tax is taken out first, so every other debt will use the post-tax amount.
Great explanation.
I was surprised that the loan is paid back after the assets get the stepped up basis, and not at the original basis.
Yup, estate tax uses stepped up basis, and fed tax is taken out first, so every other debt will use the post-tax amount.