Jun 11, 2021
In today's episode Nicholas Olesen, CFP®, CPWA® shares key takeaways and insights from the most recent tax change proposal, the Treasury Department’s “Green Book”.
As expected for anyone paying attention to tax policy this year, there are a lot of changes coming in the near future regarding taxes, rates, and estate planning and the Administration just gave a fairly detailed glimpse of what it could look like. A few of the key takeaways covered are:
- Many changes are coming for those with taxable income over $400,000
- Increase in the top marginal tax rate
- The common 1031 exchange could be repealed, greatly impacting those with investment real estate properties
- Long-term capital gains rates could double and the new rates could already be in effect
- S Corporations and Partnerships could lose a valuable tax advantage
- No longer a step-up in basis for assets at death
- Gift and death could now be treated as a realization event, causing income to recipient
You can find a transcript of today’s show at: https://bit.ly/359RBlJ
Please send us feedback and any topic or questions you would like us to cover. Email us at: nolesen@kathmere.com