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My entire China exposure is a contract of DIDI. I'm bagholding.
Oh dear God make it stopPort at a new ATH.
The administration says it wants to eliminate the step up in basis for assets at death. I doubt it will happen and I’m not sure how I feel about it.So anyone hear any rumors as to when the tax laws will change regarding inheriting real estate that has been through an IRC 1031 Like-Kind Exchange? My tax lawyer says I should be shaking in my bluchers.
I have to agree with you. The property was fully depreciated prior to the 1031. It has greatly appreciated in value. By perhaps 15x (NY Property bought in 1983) The step up in basis will be extraordinary and I'll have 3.363% per year as depreciation for the next 27.5 years (likely longer than I will live). I'm stunned that it's allowed. But it is and I'd like to take advantage of it assuming it's not changed.One thing I do know is that commercial real estate has far too much support under the tax code. Essentially as a country we appear to have decided that commercial property owners are immune from taxes. With depreciation, 1031s and step ups at death, it’s fairly routine for commercial property owners who make lots of money and pay literally no federal income taxes. I’m not sure why that is although I do understand why it makes commercial real estate an attractive asset flass.
Honestly I think if the general public really understood what was going on, there would be riots in the streets.
Exactly and the property will continue to appreciate and when you pass it on to me, I will get a step up and start depreciation all over again and @Piobaire, who still won’t have retired, will be subsidizing it.I have to agree with you. The property was fully depreciated prior to the 1031. It has greatly appreciated in value. By perhaps 15x (NY Property bought in 1983) The step up in basis will be extraordinary and I'll have 3.363% per year as depreciation for the next 27.5 years (likely longer than I will live). I'm stunned that it's allowed. But it is and I'd like to take advantage of it assuming it's not changed.