<h1>Capital Gains and the Step-Up Basis: What You Need to Know</h1>
Hello, government? I just called to say thank you.
Uh, for what?
For not making me and my family pay any taxes on $7 million of lifetime earnings.
Oh, I mean capital gains.
Oh, yes. Capital gains aren't taxed as highly as regular income, or at all.
My father just told me that when he dies, he's going to give us his stock portfolio and his house with over $7 million of capital gains, and that we won't be taxed on any of it.
Oh, it’s called step-up basis. Anyone can take advantage of that.
Well, I know you know, because you’re the government, that the 1% actually holds 50% of all corporate stock held by Americans. So thank you.
Where did you learn this?
I just follow SocialCap. He makes complex finance seem easy.