Understanding Tax Basis: Strategies for Investment Portfolios

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Episode 2849:

Sean Mullaney of FITaxGuy.com demystifies the concept of tax basis, illustrating how it prevents double taxation and clarifies taxable gains. Learn the essentials of depreciation, the benefits of a step-up in basis at death, tax loss harvesting strategies, and the unique considerations for basis in retirement accounts.

Read along with the original article(s) here: https://fitaxguy.com/tax-basis-for-beginners/

Quotes to ponder:

"Basis is what allows us to measure the appropriate gain or income to the seller of property."

"The tax basis of inherited assets is 'stepped-up' to the fair market value of the asset on the original owner’s date of death."

"Tax loss harvesting is a neat tool in the tax planning toolbox."

Episode references:

Internal Revenue Service: https://www.irs.gov

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