Memes 3.0
- Thread starter DJ Fieri
- Start date
LyquidMetal
Nashoba Chata
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- 15,985
OldDevilDawg
'21 Co-PotY
- Messages
- 17,125
- Location
- At the bottom of the bottle
OldDevilDawg
'21 Co-PotY
- Messages
- 17,125
- Location
- At the bottom of the bottle
Copejunkie
The Cornfather
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- 7,441
This exactly. The money or property etc has already been taxed, most likely multiple times. Then the heirs are taxed again on something they are left.The step up basis helps but not enough. Farmers have been battling this for years. It's now i believe 30 million on land which is great, it used to be, I believe 5 mill and before that lower. The other problem with it is it is only direct relatives who can use it. For instance, I inherited a portion of family ground my uncle owned with my dad and another uncle, (left to them by their parents), my grandparents,
He didn't have any kids of his own and when he passed he figured since I farmed he thought I should have a third of his third. The other 2/3rds went to my dad and my uncle. They didn't have to pay inheritance tax since they were brother's, but since I was a nephew I got taxed, and pretty heftly. I think you should be able to leave your inheritance to who ever you see fit and they shouldn't have to pay inheritance tax on it.
