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    Home / Archives for depreciation

    Income Tax Basis

    October 1, 2019 by Brandon McGee

    Suit-For-All

    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. Income Tax Basis … [Read more...] about Income Tax Basis

    Filed Under: Estate Planning, Legal Education Tagged With: depreciation, gain, Income tax basis, step-up

    Income Tax Basis in Estate Planning – Part 2

    April 2, 2018 by Brandon McGee

    When choosing the direction to take in estate planning, it’s important to consider the impact of the proposed estate plan on income tax basis. Basis is often overlooked when estate planning strategies are considered. This article examines how common estate planning strategies impact income tax basis. Income Tax Basis in Estate Planning – Part 2 … [Read more...] about Income Tax Basis in Estate Planning – Part 2

    Filed Under: Estate Planning, Legal Education Tagged With: basis, depreciation, estate planning, income tax, step-up

    Basis is Important in Estate Planning

    April 2, 2018 by Brandon McGee

    When choosing the direction to take in estate planning, it’s important to consider the impact on income tax basis. This article examines the nature of basis and follows an example from acquisition of property to death and looks how basis is adjusted along the way. Since the property is included at death, the basis receives a step-up to the value of the property at death. Upcoming articles will examine how common estate planning strategies impact income tax basis. Basis is Important in Estate … [Read more...] about Basis is Important in Estate Planning

    Filed Under: Estate Planning, Legal Education Tagged With: basis, depreciation, estate planning, income tax, step-up

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