Did you know? There’s a special tax benefit for inheritances. You may hear people use the term “Stepped-Up Basis”. This is a tax provision that can be quite beneficial to people who inherit property. It allows beneficiaries of an inheritance to reduce or even avoid taxes when selling inherited property. When an individual sells property, …
Inherited Basis
What Is Tax Basis And Why Is It So Important?
The question “What is tax basis?” comes up in a tax accountant’s office weekly. For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000. If you then sell those …
Are You Keeping Track of Your Investment Basis?
Are you keeping track of your investment basis? If you’re not, here’s a few reasons why you may reconsider tracking your basis. In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may own real property or have a variety of securities. These securities could include stocks, bonds, …
