> This is the step-up in basis and is key to building generational wealth in the US.
Yes, but for most people, that's not really a benefit. It's possible to exclude the first few hundred thousand of capital gains taxes on a primary residence anyway. So even without the step-up basis, the tax burden on these properties would be tiny.
Property taxes are a much more significant form of taxation than capital gains. And would be even without any preferential treatment.
Yes, but for most people, that's not really a benefit. It's possible to exclude the first few hundred thousand of capital gains taxes on a primary residence anyway. So even without the step-up basis, the tax burden on these properties would be tiny.
Property taxes are a much more significant form of taxation than capital gains. And would be even without any preferential treatment.