Basis Shifting: What It Is and Why the IRS Wants It to End
It's called basis-shifting, which is a complicated tax hack where businesses or individuals move the value of their assets, ...
GOBankingRates on MSN16h
I’m a Tax Expert: 3 Records You Should Keep Indefinitely Once Your Taxes Are Filed
While it could be tempting to throw away documents after filing tax returns, doing so could put you at financial and legal ...
JD Supra8d
Newly Released Final Regulations on Partnership Basis-Shifting Transactions
On January 10, 2025, the United States Internal Revenue Service (the "IRS") released final regulations (the "Final ...
Can you deduct closing costs on your taxes?
Some might be. In general, most closing costs are not tax-deductible. This is because the IRS regards them as part of the ...
Kiplinger3mon
Estate Planning: How Does the Basis Step-Up Rule Work?
Because the amount of capital gain determines the amount of capital gains tax owed, basis step-up is considered one of the most powerful and important tools in the estate and tax planning universe.