Quote:
Originally Posted by Babubhat
There is ZERO guarantee they don’t tax a Roth in the future. They already pushed through a massive tax increase via the inherited rules which lacked taxpayer outrage
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Your post caught my attention. I did a very quick search and found an article about property held in an irrevocable trust and cost-basis. It was on some accounting site that would not let me finish reading the article without joining.
I did not get very far, but it looks like it's something they are looking at that concerns irrevocable trusts. I did not see anything about revocable trusts, but I could not get to the whole article.
Irrevocable trusts and revocable trusts are used for different reasons.
In other words, I have no idea what I am talking about on this one, but I do know that had they come after stepped-up cost basis for all inheritance there would have been great consternation in the land. I can't imagine that one flying under the radar. But from what I could find, it looked like there might be something up with property inherited from irrevocable trusts.
A keyword search should easily find more details for the whole story. But I need to go watch
Gunsmoke now. (That's my zone-out favorite lately. I loves me some justice.)
Boomer