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A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary ...
Cost Basis Explained. In general terms, cost basis is the original price you paid to purchase something. In this case, it’s the purchase price of an asset like a stock and it’s adjusted for ...
Per stirpes (/ p ɜːr ˈ s t ɜːr p iː z /; "by roots" or "by stock") [1] [a] is a legal term from Latin, used in the law of inheritance and estates.An estate of a decedent is distributed per stirpes if each branch of the family is to receive an equal share of an estate in accordance with their deceased ancestor's share. [3]
The cost basis of an asset is important to you for two primary reasons – tax planning and investment planning. These two reasons are related because only with the proper investment planning can ...
The Virginia Department of Motor Vehicles (Virginia DMV) serves a customer base of approximately 423,000 ID card holders and 6.2 million licensed drivers with over 7.8 million registered vehicles in Virginia. Virginia DMV has more daily face-to-face contact with Virginia's citizens than any other state agency.
Futures contracts and cost basis. Calculating the cost basis for futures contracts involves assessing the difference between a commodity’s local spot price and its associated futures price. For ...
When someone dies, all of their financial and non-financial assets are referred to as their “estate.” An estate can include bank accounts, property, investments, businesses, furniture ...
Basis (or cost basis), as used in United States tax law, is the original cost of property, adjusted for factors such as depreciation. When a property is sold, the taxpayer pays/(saves) taxes on a capital gain /(loss) that equals the amount realized on the sale minus the sold property's basis.