Stepped-Up Basis: How It Affects Inherited Assets An asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis resets this...
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Tax-loss harvesting involves selling investments that have lost value and replacing them with similar — but not identical — assets to maintain your portfolio’s balance while creating tax advantages. For example, you might sell a stock or mutual fund...
Your Home Sale and Capital Gains Let’s start with the basics: What is capital gains tax? It is a type of tax on profits earned from the sale of assets like stock or real estate. When these are sold...
All About Schedule D: Capital Gains Schedule D is the IRS tax form that reports your realized gains and losses from capital assets — investments and other business interests. You detail the total purchase price of assets, what they...