Samuel Corum/Getty Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links. When President Trump’s “big, beautiful” bill passed over the summer, it introduced a much higher limit on the federal deduction for SALT (state and local taxes), from $10,000 to $40,000. The limit will increase by 1% yearly until ...

Die: After the individual has died, “the step-up basis” rule resets the tax base to current market value (referred to as “rebasing” in the UK). The heirs then inherit assets with no capital gains liability. “The gain is simply wiped on death,” said Mr Little.Borrow: Once you’ve taken ownership of an appreciating asset, you’re then in a position to borrow against it. In the US, this can be in the form of a loan, which the super-rich use to fund their lifestyle but in a tax-efficient way. Mr Little added: “Lo ...