tax basis

Taking care to increase the tax basis to its legal limit is one way.

Shareholders would then be able to increase their tax basis.

The tax basis of an asset is generally its cost.

In general, tax basis is the purchase price, adjusted up or down.

At the same time, however, the tax basis for the property basically remains unchanged.

But when part of the house is used for business, any depreciation you were allowed to take reduces the tax basis.

The owners will then be able to use the new assessment to increase their tax basis and reduce capital gains.

The investor's tax basis is reduced by the amount of deductions taken.

You can find help with that in the guide 'Paying an employee on a free of tax basis' - use the link below.

When you do that you are also transferring, along with the home, the senior's low tax basis.

The portion representing recovery of original tax basis is not taxable.

Heirs receive a new tax basis by generally using the fair market value on the date of the donor's death.

Such reduced basis is referred to as the adjusted tax basis.

Generally, the adjustment cannot reduce tax basis below zero.

Adjusted tax basis is used in determining gain or loss from disposition of the asset.

Financial statements may be presented on any comprehensive basis, including an income tax basis.

An annuity is considered "income in respect of a decedent" and does not get a new tax basis at death.

This is the method used by most funds that provide tax basis data and in the defeated tax proposal.

"If an individual needs to make use of his insurance reserve, he would be inadvertently affected on a tax basis," he said.

Tax basis may be reduced by allowances for depreciation.

This can be real estate, highly appreciated stock or a business interest with a low (or zero) tax basis.

Further, tax basis must be allocated among properties purchased together unless they are sold together.

This means that the inheritors receive the assets with a new tax basis equal to the assets' value on the date of death.

Tax basis may be relevant in other tax computations.

(Maintenance and repair expenses cannot be used to increase the tax basis, he said.)