#072 - The benefit of "step up in basis"

Retirement Planning Education, with Andy Panko

Andy Panko

Roth Conversion, Roth Ira, Education, Social Security, Ira, Taxes, Retirement Planning, Annuities, Pension, Financial Planning, Investing, 401k, Tax Planning

4.9 • 1.1K Ratings

🗓️ 27 April 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Explanation of "step up in basis" and how it can make unrealized taxable gains magically disappear when leaving property to heirs Links in this episode: Boomer Benefits Facebook group page - https://www.facebook.com/groups/508122746351903 Facebook group - Retirement Planning Education (formerly Taxes in Retirement)YouTube channel - Retirement Planning Education (formerly Retirement Planning Demystified)Retirement Planning Education website - www.RetirementPlanningEducation.com

Transcript

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0:00.0	The Step Up and Basis. It's a wonderful thing, and I'm about to talk about it in this, the 72nd episode of the Retirement Planning Education Podcast.
0:11.8	Welcome to the Retirement Planning Education Podcast, where you can learn all about IRAs and Roth IRAs, employer retirement plans, taxes, social security, Medicare, portfolio withdrawal
0:22.7	strategies, annuities, estate planning, and much more. And now here's your host, Andy Panko.
0:29.4	Hey, hey, hey, welcome back, everyone. Thank you, as always for listening. Welcome to episode 72
0:34.6	of the Retirement Planning Education podcast. Today I'm going to talk about the step up and basis.
0:39.7	You may be saying, what is that?
0:40.8	Don't worry, I'm going to get to it.
0:42.7	72 while we're on the topic.
0:46.7	This one stuck out to me.
0:47.6	I don't know why.
0:48.1	Well, I guess I didn't know why.
0:49.2	72 used to be the age at which required
0:51.2	a minimum distributions were started or needed to be taken.
0:55.0	72 is also coincidentally the same number as Code 72T or Section 72T of the tax code,
1:02.3	which has retirement planning implications because that is the ability to take substantially equal
1:06.7	periodic payments, which is a way to circumvent the 10% penalty, you may
1:11.8	otherwise have to pay on taking money out of pre-tax accounts before $159.5. So anyway, I just thought
1:19.0	I'd get a little nerdy here. 72 does have some retirement planning implications, coincidentally,
1:24.1	to it. So that's that. All right, quiet down. Move on, Andy. So step up and basis.
1:29.2	So what is it? This is an interesting one. This came up, this topic. On last week's episode,
1:34.7	I talked about the capital gain exclusion on selling your house, your primary residence.
1:39.1	And that came up because of a call I received randomly from someone who had a real life
	...

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