There are plenty of CRE tax worries to go around these days, from the potential elimination of the 1031 exchange break to the attempt to end all carried interest.
Now there's a new twist that some lawyers noticed in the American Families Plan fact sheet that the White House put out. It isn't something explicitly stated, but more between and even inside the lines. The target is the "loophole that allows the wealthiest Americans to entirely escape tax on their wealth by passing it down to heirs."
President Biden wants to "close this loophole, ending the practice of 'stepping-up' the basis for gains in excess of $1 million ($2.5 million per couple when combined with existing real estate exemptions) and making sure the gains are taxed if the property is not donated to charity."
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