this post was submitted on 14 Jan 2024
664 points (98.3% liked)

People Twitter

5508 readers
1268 users here now

People tweeting stuff. We allow tweets from anyone.

RULES:

  1. Mark NSFW content.
  2. No doxxing people.
  3. Must be a pic of the tweet or similar. No direct links to the tweet.
  4. No bullying or international politcs
  5. Be excellent to each other.
  6. Provide an archived link to the tweet (or similar) being shown if it's a major figure or a politician.

founded 2 years ago
MODERATORS
SendMeYourTaTas@sh.itjust.works
pelespirit@sh.itjust.works
664
The wealthy (lemy.lol)
submitted 1 year ago by King@lemy.lol to c/whitepeopletwitter@sh.itjust.works
54 comments fedilink hide all child comments
 

https://mastodon.social/@FluentInFinance/111754405817875275

you are viewing a single comment's thread
view the rest of the comments
[โ€“] MNByChoice@midwest.social 2 points 1 year 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 1 year 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.