He could have saved over $1 million

2 Dec 2023 · 1 min

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0:56

In this short YouTube clip, Jerry Taylor recounts a recent client who paid more than $1 million in capital‑gains tax after selling a commercial building that had been gifted to him three years earlier. Taylor explains that because the building was transferred as a gift, the son did not receive a step‑up in basis that would have occurred had the father retained ownership until death and passed it through a trust or will. Consequently, the son faced a large tax bill that could have been avoided. Taylor uses the anecdote to illustrate the importance of proper estate‑tax planning and then promotes his Linktree, newsletter, and paid consulting services as a solution for viewers who want to avoid similar tax pitfalls.

Chapters

I spoke to someone today who last week paid over $1 million in taxes from the sale of a building. If they had spoken to me 2 months ago, they would have paid $0 in taxes from the sale of that same building. Here's what happened. This guy's father, on the advice of his accountant, transferred a commercial building worth several million dollars to him 3 years ago. His father died. Because his father essentially gifted that building to him, he did not get the tax step-up in basis on the building, and he had to pay capital gains tax on the sale proceeds. If his father had just hung on to the building and let his son inherit it through a trust or will, that $1 million plus would have gone into his pocket instead of to the federal government. Heck, if he had just gone to my Linktree and gotten on my newsletter, he would have learned enough to avoid all that tax. So go to my Linktree now, sign up for my newsletter, and if you want to work with me, there's a link there for that as well.