The Menendez Law Firm

Wills, Trusts & Trust Administration in South Florida

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The Menendez Law Firm

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Income Tax Basis in Estate Planning

October 1, 2019 by Nydia Menéndez

Income tax basis is important in estate planning. This article examines what happens to an asset’s basis when it is gifted. It then examines what happens to the basis of an asset when someone dies with the asset and then bequeaths it to someone. Many people find it surprising that these are treated differently. Income tax basis is an important factor in considering estate planning strategies.

Income Tax Basis in Estate Planning

Filed Under: Estate Planning, legal education Tagged With: gain, Income tax basis, step-up

Income Tax Basis

October 1, 2019 by Nydia Menéndez

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.

Income Tax Basis

Filed Under: Estate Planning, legal education Tagged With: depreciation, gain, Income tax basis, step-up

The Menendez Law Firm

The Menendez Law Firm

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Address

2699 Stirling Road, B200
Fort Lauderdale, FL 33312
United States (US)
Phone: (954) 963-7220

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM

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