Peace Talks Glossary
Peace Talks Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Basis
A tax term which refers to the value of property
for the purposes of determining whether or not a profit or loss has been
realized upon sale or transfer. For the purchase and subsequent sale of
a home, the basis generally refers to the original sale price plus any
capital improvements and costs of closing. Stepped Up Basis refers to
the value at the time of the death of an owner or co-owner. Rather than
using the original purchase price, the deceased owner’s basis is calculated
as the value as of date of death.
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