Cost Basis Complications

You can sell investments held in tax-deferred retirement accounts without worrying about income taxes. But that’s not the case with investments you own outside of tax-deferred accounts. To figure your capital gain or loss on the sale of mutual fund, stock, real estate, and other investments, you have to compare the amount you realize on the sale to your “adjusted basis” in the investment. Understanding...

October 5th, 2009 by The Tax Man 

Last Minute Tax Tips

A few last minute tax tips this year.  You do not want to miss these items on your tax return as you finish things off these last few days.   Bigger standard deduction Image by Getty Images via Daylife   Homeowners who pay state and local real estate taxes but don’t file an itemized return will receive a larger standard deduction. Besides the standard deduction, you can get the amount...

April 13th, 2009 by The Tax Man