Two Biden Administration Proposals May Increase The Amount of Tax Collected From A Decedent’s Estate
First, the Biden Administration has proposed significantly reducing the current gift and estate tax exemption, which will result in increases of gift and estate tax imposed on large estates. Second, a proposal to eliminate the “step-up in cost basis” benefit for taxpayers on assets at death, which will result in more capital gain taxes being paid when those assets are sold. The IRS imposes tax on certain gifts made during life and property transferred at death. Gifts during life are […]