Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.
Latest posts by Michael J. O’Brien, Estate Planning Attorney (see all)
- What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary? - December 9, 2020
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- The Questions of Estate Planning, Part 4: Where - December 27, 2019
