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2. Amount realized - Wikipedia

   en.wikipedia.org/wiki/Amount_realized

   It is one of two variables in the formula used to compute gains and losses to determine gross income for income tax purposes. The excess of the amount realized over the adjusted basis is the amount of realized gain (if positive) or realized loss (if negative). Computation of gain and loss is governed by section 1001(a) of the Code.

3. Adjusted basis - Wikipedia

   en.wikipedia.org/wiki/Adjusted_basis

   After three years his adjusted tax basis is $655,000 = $100,000 + $600,000 - (3 x $15,000). Adjusted basis is one of two variables in the formula used to compute gains and losses when determining gross income for tax purposes. The Amount Realized – Adjusted Basis tells the amount of Realized Gain (if positive) or Realized Loss (if negative).

4. Realization (tax) - Wikipedia

   en.wikipedia.org/wiki/Realization_(tax)

   Tax professors typically teach that it was income to Forneris when he caught it because it was treasure trove. As a result, the person who catches a home run ball would generally be required to include the value of the ball in income in the year in which the catch took place, whether or not the person sold the ball and even whether he gave it ...

5. 6 Common Mistakes To Avoid If You Are Harvesting Year-End Tax ...

   www.aol.com/6-common-mistakes-avoid-harvesting...

   For many investors, tax-loss selling is a year-end ritual.Others may not yet be familiar with this tax-saving strategy. Essentially, harvesting tax losses involves realizing capital losses by ...

6. Gross income - Wikipedia

   en.wikipedia.org/wiki/Gross_income

   The amount of income recognized is generally the value received or the value which the taxpayer has a right to receive. Certain types of income are specifically excluded from gross income for tax purposes. The time at which gross income becomes taxable is determined under Federal tax rules, which differ in some cases from financial accounting ...

7. Recognition (tax) - Wikipedia

   en.wikipedia.org/wiki/Recognition_(tax)

   In such cases, where the taxpayer is merely continuing his investment, it makes sense to defer the recognition of any gain or loss realized until the taxpayer truly ends the investment. Internal Revenue Code sections 1031 through 1045 [ 2 ] provide the most commonly implicated nonrecognition rules, including the section 1031 rule for Like-Kind ...

8. How to Build a Tax-Smart Retirement Income Plan in 5 Steps - AOL

   www.aol.com/build-tax-smart-retirement-income...

   Tax-Free Accounts – Roth IRAs are the most common tax-free accounts. The money you put into a Roth IRA is taxed upfront, but after that, it grows tax-free, and withdrawals in retirement are not ...

9. 5 Ways To Pay Less in Taxes With the New 2025 Tax ... - AOL

   www.aol.com/5-ways-pay-less-taxes-180009235.html

   A tax deduction reduces the amount of taxable income, resulting in a lower tax bill. Taxpayers have two options when it comes to claiming deductions: standard deductions and itemized deductions.