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Jul 11 2019

Income Tax Basis

When we think of income taxes, we think of how much we earn. But, another aspect of income tax is the gain or loss on assets. Income tax basis is central to how assets are taxed in the United States. This is the first of a series on income tax basis. This blog will examine income tax basis, how you get it, and how it gets adjusted. The next article will look at how income tax basis is important in estate planning.

Let’s look at the life of an asset and its income tax basis during that life. Mary bought a house for $300,000. This cost basis is the starting point of her income tax basis. If she makes certain improvements, such as a room addition or other capital improvements, these add to her basis. Let’s say she adds a bathroom for $50,000. Now her basis is $350,000.

Read more: https://www.aaepa.com/2019/09/income-tax-basis/

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Ryan Johnson
Ryan Johnson
Ryan Johnson began practicing with an established law office in Brunswick County in 2011 before starting his own firm in the fall of 2016.The Law Office of Ryan W. Johnson opened its current location on Howe St. in Southport in the spring of 2017 and continues to focus on estate planning and real estate transactions.The firm is proud to offer its collective experience and exemplary service to the residents of Ryan’s hometown and surrounding neighborhoods.
Ryan Johnson
Latest posts by Ryan Johnson (see all)
  • Income Tax Basis in Estate Planning - July 11, 2019
  • Income Tax Basis - July 11, 2019
  • Use Trust Protectors for Added Protection and Flexibility - April 25, 2019

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