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site design by digitalstoryteller.io
There’s currently a “stepped-up basis” if you inherit property — but will it last?
/in News, Tax Tips - Individual/by Betty KimIf you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]
[IRS Tax Tip] Things you do during the summer may affect your tax return next year
/in News, Tax Tips - Individual/by Betty KimIt’s summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season. Getting marriedNewlyweds should report any name change to the Social Security Administration. They should […]
Can taxpayers who manage their own investment portfolios deduct related expenses?
/in News, Tax Tips - Individual/by Betty KimDo you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income. But they’re deductible if they’re considered trade or business expenses. For years before 2018, production-of-income […]