
Why Tax Basis Is So Important
2018 Tax Laws, Tax Planning, Tax Tips, TaxesFor tax purposes, the term “basis” refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares…

Gift and Estate Tax Primer
Accounting, Estate Planning, Gift Tax, Savings, Tax Planning, TaxesThe tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep individuals from using gifts to avoid the estate tax that is imposed upon inherited assets. This…

Tax Treatment of a Room Rental
2018 Tax Laws, Rental Property, Tax PlanningWith the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Questions that are often raised in regard to room rentals include: Is the income taxable?…