Tax
Mar. 11, 2020
Anticipating Joe Biden’s proposed capital gains tax
The New York Times reported that former Vice President Joe Biden’s tax proposals include one under which “People would have to pay income taxes on unrealized gains at death. That would change current law, which exempts those gains and imposes taxes only on the difference between the value at death and the value when later sold by heirs.”
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
An important aspect of tax planning for real estate investors (including children who expect to inherit their parents' home), those invested in the stock market, and owners of closely held businesses is the so-called "step-up in basis at death." IRC Section 1014. The Internal Revenue Code provides that "the basis of property in the hands of a person acquiring the property from a decedent ... shall ... be (1) the fair market value of the property at the date of the dec...
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