- Joined
- Oct 12, 2005
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- Libertarian - Right
Come again?
So if Harry buys a stock at $5 with after tax dollars and dies when it's at $15, that gain of $10 has already been taxed?
If so, when was that gain ever taxed?
when his son sells it at 15 bucks then they can tax it with a basis of 5
If my father buys a painting for 20K and leaves it to me, and at the time of his death its worth 50K I shouldn't have to sell it to pay taxes on it. HOwever if I do sell it, the capital gain should be taxed and that is 30K