Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.
About Nydia Menéndez
Ms. Nydia Menéndez’ career has evolved from various perspectives, including government, the private sector, academia, and as an industry advocate. These career roles enable Ms. Menéndez to assess the competing interests from the perspective of someone who has taken one position or the other at some point in time. Thus allowing her to settle most cases with favorable results for her clients, in an expeditious and cost-effective manner.