Quote from: MacWa77ace on April 10, 2024, 09:35:01 AMYou don't pay Federal Capital Gains taxes on inherited property. You only pay for the appreciation from when you inherit it. This is why it is a good idea to always get an appraisal done as soon as you inherit property. Also it helps ease things for other inheritors.Quote from: Uomo Senza Nome on April 10, 2024, 09:17:22 AMThat 34 trillion will paid off by gen ZZZZZZZE12Quote from: MacWa77ace on April 10, 2024, 09:12:47 AMHow come the boomers aren't the richest @ 80 Trillion if their wealth is pre inheritance tax dollars?
80 Trillion minus The Fed Govt takes up to 37% of that in inheritance tax and then there's the state taxes on inheritance [in some states]. Lets say average of 37%. 80 - 37% = 50.4 Trillion.
You left out the $34,000,000,000,000 in national debt (and climbing). If I "own" a $450K home with a $300K mortgage my interest in it is only $150K at best. In the time it took me to write this post it went up $5,000,000+.
This article is not factoring in the coming housing crash and depression either.
But remember, many of those boomers bought that $450K market value home in 1977 for $79K and have since paid it off. Now if they can just keep possession of it with the property tax increases and the ridiculous home owners insurance rates these days. My neighborhood was built back then and there are a whole bunch of neighbors that have lived here since then and paid off their homes. They are dieing off now and their kids inherit and sell the homes. That's all capital gains taxes on them and they went for approx $75K back then, now $500+ depending on sqft, # bedrooms, pool/no pool, updates upgrades.
Quote from: Uomo Senza Nome on April 10, 2024, 09:17:22 AMThat 34 trillion will paid off by gen ZZZZZZZE12Quote from: MacWa77ace on April 10, 2024, 09:12:47 AMHow come the boomers aren't the richest @ 80 Trillion if their wealth is pre inheritance tax dollars?
80 Trillion minus The Fed Govt takes up to 37% of that in inheritance tax and then there's the state taxes on inheritance [in some states]. Lets say average of 37%. 80 - 37% = 50.4 Trillion.
You left out the $34,000,000,000,000 in national debt (and climbing). If I "own" a $450K home with a $300K mortgage my interest in it is only $150K at best. In the time it took me to write this post it went up $5,000,000+.
Quote from: MacWa77ace on April 10, 2024, 09:12:47 AMHow come the boomers aren't the richest @ 80 Trillion if their wealth is pre inheritance tax dollars?You left out the $34,000,000,000,000 in national debt (and climbing). If I "own" a $450K home with a $300K mortgage my interest in it is only $150K at best. In the time it took me to write this post it went up $5,000,000+.
80 Trillion minus The Fed Govt takes up to 37% of that in inheritance tax and then there's the state taxes on inheritance [in some states]. Lets say average of 37%. 80 - 37% = 50.4 Trillion.
Quote from: TACAIR on April 09, 2024, 08:01:20 PMMust be something in my setting for the Browers, for example, I have ad blocker on full time.I don't think settings are your issue.