Law and Taxation

What A Biden Win Means For Tax Policy

Estate attorneys, certified public accountants (CPAs) and the very wealthy will likely go to war with the federal government with President-elect Joe Biden come Jan. 20. The issue at hand? Biden’s tax reform proposals, including a little-known provision called step-up in basis. What Is Step-Up In Basis? When people inherit assets after the death of a friend or relative, a step-up in basis can provide...

What Is the Capital Gains Tax Rate?

A capital gain is when you sell an investment or an asset for a profit. When you realize a capital gain, the proceeds are considered taxable income. The amount you owe in capital gains taxes depends in part on how long you owned the asset: Long-term capital gains are from an asset you’ve held for more than one year, and short-term capital gains apply to profits from selling an asset you’ve held for...

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