this post was submitted on 14 Jan 2024
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submitted 10 months ago by King@lemy.lol to c/whitepeopletwitter@sh.itjust.works
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[โ€“] MNByChoice@midwest.social 2 points 10 months ago (1 children)

Great explanation.

I was surprised that the loan is paid back after the assets get the stepped up basis, and not at the original basis.

[โ€“] sugar_in_your_tea@sh.itjust.works 3 points 10 months ago

Yup, estate tax uses stepped up basis, and fed tax is taken out first, so every other debt will use the post-tax amount.