[WSBARP] real estate - tax issues
Kary Krismer
Krismer at comcast.net
Fri Jan 15 19:00:31 PST 2021
On 1/15/2021 10:32 AM, John J. Sullivan wrote:
> They looked at ending the step up (or studied it) in the Carter years.
> The administrative hassle of multigenerational basis tracking is a
> real burden. That’s what’s always stopped it before. You’re right that
> it’s tied at the hip to the estate tax to mitigate the overall burden.
I could see it would be very difficult to determine basis if you had to
go back into the records of someone no longer living. Back when people
could avoid gain on a residence by selling and then buying a house
within a certain time, determining basis sometimes required going back
though several prior transactions over a period of decades. Even with
the owner still living the records were often probably a problem,
particularly if the properties had been improved.
But there too the surviving spouse situation is different.
Kary L. Krismer
206 723-2148
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