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What Basis Means in Tax Terms

Summary by RRBB Accountants and Advisors in Somerset and Maplewood, New Jersey
Basis is a standard IRS term that probably does not enter your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange, or give away property. So what does basis mean in tax terms anyway? What basis means in tax terms The IRS describes basis as: The amount of your capital investment in a property for tax purposes. Use your basis to figure depreciation, amortization, depletion, casualty losse…
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RRBB Accountants and Advisors in Somerset and Maplewood, New JerseyRRBB Accountants and Advisors in Somerset and Maplewood, New Jersey

What Basis Means in Tax Terms

Basis is a standard IRS term that probably does not enter your everyday conversation. This IRS term is important because it impacts the taxes you pay when you sell, exchange, or give away property. So what does basis mean in tax terms anyway? What basis means in tax terms The IRS describes basis as: The amount of your capital investment in a property for tax purposes. Use your basis to figure depreciation, amortization, depletion, casualty losse…

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RRBB Accountants and Advisors in Somerset and Maplewood, New Jersey broke the news in on Monday, February 10, 2025.
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