Prediction Didn’t hold up AI assessment confidence: 95% certainty 4/5 debate potential 3/5

Stephen Keery expects the Biden administration to eliminate the step-up in basis.

Stephen Keery · Why Property Investors Never Pay Tax — And Now I Don't Either · Jul 20, 2021 · at 28:52

Real estate investor Stephen Keery discusses estate tax planning and anticipated US tax law changes around inheriting property.

0:00 / 0:06exact quote · 6.9s

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“So actually passing on was actually a good way to get a new basis. That is very likely to change as well under this administration.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

The step-up in tax basis upon death (IRC Section 1014) for inherited property will be eliminated or altered under the Biden administration.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Stephen Keery predicted on July 20, 2021, that the step-up in basis upon death under IRC Section 1014 would be eliminated or altered under the Biden administration. Although the Biden administration initially proposed repealing the step-up in basis for unrealized capital gains exceeding $1 million in the April 2021 American Families Plan, and related proposals (such as the STEP Act) were introduced in Congress, none of these measures were enacted into law. The provisions were dropped from the Build Back Better negotiations and excluded from the Inflation Reduction Act of 2022. No federal statute amending, capping, or repealing the statutory step-up in basis under IRC Section 1014 was enacted prior to the end of the Biden administration term on January 20, 2025.

The American Families Plan (April 2021) and the STEP Act proposed capping or ending the step-up in basis for gains over $1 million, but the proposals failed to pass Congress.
The Inflation Reduction Act of 2022 enacted no changes to IRC Section 1014.
As of January 20, 2025, IRC Section 1014(a)(1) remained unaltered federal statutory law throughout the entire Biden administration.

Checked against

[1] johnsonlegal.us [2] johnsonlegal.us [3] forbes.com [4] forbes.com [5] thetaxadviser.com [6] heart.org [7] liskow.com [8] irs.gov

step up in basis IRC section 1014 Biden administration legislation passed enacted 2021 2022 2023 2024 did Congress pass elimination of step-up in basis Biden IRC Section 1014 step-up in basis status 2024 2025

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

step up in basis this administration

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Stephen Keery expects the Biden administration to eliminate the step-up in basis.

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