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Author: rayvt ✧🐝  😊 😞
Number: of 48447 
Subject: Re: Transferring assets to the next generation
Date: 05/15/2025 8:43 AM
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I believe that stepup in basis is only for inherited assets, and that for gifts the original basis goes along with the assets.
The IRS wants their cut of the gains. It's as if you sold the asset, transferred the cash to them, and them bought the same asset in their account. The only difference is whether the gain is taxed on you or on them.
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