Will Biden eliminate the 'Step up' policy for inherited assets?

[Hans Cooke]

Will Biden eliminate the 'Step up' policy for inherited assets?

https://www.forbes.com/advisor...

I am concerned because we are looking to sell the one and only property we have inherited from a relative this coming Spring or summer.

Could we get screwed by this?  If it was put into law this year, would it take effect for tax year 2021 (part of me doubts this)?

If the 'Step Up basis' for inherited assets is taken away in the near future (even if after 2021), then using a 1031 exchange this year on an inherited investment property may be the wrong move as a we would end up paying a lot more capital gains tax in the future when we do sell.  Would it be better to forget using 1031 and just take the smaller capital gain hit now under current law.  Am I missing something or is my thinking correct?

I miss the boring days when there was not that much difference (compared to today) between Democrat and Republican tax policy.  Was much easier to plan.