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re: Does anyone know how I am to be taxed on a home sold?
Posted on 1/12/22 at 10:35 am to PNW_TigerSaint
Posted on 1/12/22 at 10:35 am to PNW_TigerSaint
quote:
Tax CPA here. This.
Also, most of Bidens proposed changes to the tax code involve getting rid of the step-up in basis for inheritances. That means for capital gains calculations inheritances would be treated like gifts which is likely to hurt those inheriting a home. Plan accordingly.
Would this be applicable to a sale in 2021?
1
Posted on 1/12/22 at 3:16 pm to Sal Minio
quote:
Would this be applicable to a sale in 2021?
Theoretically they could write the bill retroactive to 2021. Practically speaking, returns are due in 3 months and congress seems focused on the voting bill right now, so I think if you sold in 2021 then you are probably okay.
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