2849: Tax Basis For Beginners by Sean Mullaney of FI Tax Guy on Double Taxation & Clarifies Taxable Gains
Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com.\nEpisode 2849:\nSean Mullaney of FITaxGuy.com demystifies the concept of tax basis, illustrating how it prevents double taxation and clarifies taxable gains. Learn the essentials of depreciation, the benefits of a step-up in basis at death, tax loss harvesting strategies, and the unique considerations for basis in retirement accounts.\nRead along with the original article(s) here: https://fitaxguy.com/tax-basis-for-beginners/\nQuotes to ponder:\n"Basis is what allows us to measure the appropriate gain or income to the seller of property."\n"The tax basis of inherited assets is 'stepped-up' to the fair market value of the asset on the original owner\u2019s date of death."\n"Tax loss harvesting is a neat tool in the tax planning toolbox."\nEpisode references:\nInternal Revenue Service: https://www.irs.gov\nLearn more about your ad choices. Visit megaphone.fm/adchoices