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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 ...
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.
Stock splits. A stock split increases the number of shares you own, but it lowers the cost basis per share. So, if a company performs a 2-for-1 stock split, you’ll end up with twice as many ...
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.
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 ...
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 estate of a person who died in the year 2010 would have been entirely exempt from tax while that of a person who died in the year 2011 or later would have been taxed as heavily as in 2001. On December 17, 2010, Congress passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Section 301 of the 2010 Act ...