Yeah.... that's fine. I'm OK eliminating the step up in basis. The gov't
may have to wait a long while though. Of course, an increase in 2022 could yield a big increase in realized gains (and taxes) in 2021 in advance of the increase. That might not be a terrible outcome. When the rate increased by 59% under Obama from 15% to 23.8%, I recognized some gains in December to take advantage of the favorable LTCG rate before the increase.
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In response to this post by Stimp)
Posted: 08/10/2020 at 11:28AM