What does the term "basis" mean as it relates
tax?
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Basis is your investment in property for tax purposes.
Your original basis is
usually your cost to acquire the asset.
Before you can figure any gain or loss on a sale, exchange, or other disposition of
property, or figure allowable depreciation for tax purposes, you must determine the adjusted
basis.
Adjusted basis is determined by increasing or decreasing your original basis by certain
amounts.
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| Related tax
information about basis |
Tax Directory Topics:
Are capital gains taxable?
How much in capital losses can I
deduct on my tax return?
General Tax Questions |
IRS publications about basis and IRS tax:
More information on basis and adjusted basis can be found in Tax
Topic
703, Basis of Assets, or IRS Publication 551, Basis of
Assets. Also see IRS Publication 17,
Your Federal Income Tax. Please read this IMPORTANT
Editor's Note regarding navigating IRS publications with Adobe
Acrobat
Reader.
IRS publications can also be ordered by calling 1-800-829-3676. |
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