The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How It Works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage...
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a...
