Thomas Kim, CPA Tax Director As a homeowner, understanding the concept of “adjusted basis” and keeping track of it is crucial for when it comes to reducing or even eliminating taxes related to the sale or disposition of your property. What is Adjusted Basis? The adjusted basis of your home is the original cost of the property adjusted for various factors. It serves as a reference point for calculating capital gains or losses when you sell or dispose of your home. The adjusted basis is not a static value; it changes over time based on certain events and adjustments.
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Monthly Archives August 2023
Tax Considerations for Expanding Operations Into Foreign Markets
Manny Trelles, CPA Tax Director United States persons (defined as any US citizen, permanent resident alien, entity organized under US laws, or any person in the US) who continue to seek and expand into foreign markets to maintain a competitive edge in their business should carefully consider the tax impact of foreign investment. A few of the considerations to keep in mind for international tax purposes are as follows: Foreign Entity Structure US persons who have established foreign legal structures or operations should consider both local (foreign) and US tax implications. Our firm can connect you with a qualified
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Prepare for the Estate and Gift Tax Sunset Now
Greg Lambourne, Esq Senior Planning Consultant Nancy Van Lanen, CTFA, EA Estate & Trust Tax Director Every taxpayer in the United States is subject to certain transfer taxes for gifting away wealth during their life or at their death. However, each taxpayer is granted a “lifetime exemption amount” so they can make limited tax-free gifts. The 2017 Tax Cuts and Jobs Act increased this lifetime exemption amount to an unprecedented $12.92 million for 2023, but this large exemption amount will expire and be reduced by half at the end of 2025. The IRS says this is a “use it
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