Carol Wynns, EA

I believe this will be the way it is with the New Democratic Party. Make sure you know where you are finally. Some scary changes coming our way

Yikes, who knew Did you know Biden wants to get rid of something called "stepped up basis"? How does this affect you! When your parents pass and leave you the family house, normally you would inherit that property at what it is worth today. If you were to sell that house you would only pay taxes on the gain from what it is worth today and what it sells for. If Biden does away with "stepped up basis," you will inherit the property for what your parents paid for the property. I...f you decide to sell you will pay taxes on the difference between the original purchase price and what it sells for today. Here is what this looks like! Current Policy Inherited House at Current Value - $200,000 Sells for $205,000 Taxable income = $5000 Taxes Due - 20% of $5000 = $1000 Profit to you = $204,000 Biden Policy Inherited House at original purchase price - $40,000 Sells for $205,000 Taxable income = $165,000 Taxes Due - 20% of $165,000 = $33,000 Profit to you = $172,000 If your parents were to have sold this property prior to passing, they would have paid no taxes because it was their primary residence. So much for helping the middle class get ahead. My educated guess would be that at least 95% of Americans don’t even know Biden has proposed this. We are talking tens of thousands of more tax dollars for the average sold after inheritance! Wow, google Biden stepped up basis and educate yourself because this is a biggie! Please share! See more

Asking for a friend lol

If you filed an extension your deadline is arriving fast. October 15th