2849: Tax Basis For Beginners by Sean Mullaney of FI Tax Guy on Double Taxation & Clarifies Taxable Gains

Optimal Finance Daily - Financial Independence & Money Advice - A podcast by Optimal Living Daily | Diania Merriam

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Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2849: Sean Mullaney of FITaxGuy.com demystifies the concept of tax basis, illustrating how it prevents double taxation and clarifies taxable gains. Learn the essentials of depreciation, the benefits of a step-up in basis at death, tax loss harvesting strategies, and the unique considerations for basis in retirement accounts. Read along with the original article(s) here: https://fitaxguy.com/tax-basis-for-beginners/ Quotes to ponder: "Basis is what allows us to measure the appropriate gain or income to the seller of property." "The tax basis of inherited assets is 'stepped-up' to the fair market value of the asset on the original owner’s date of death." "Tax loss harvesting is a neat tool in the tax planning toolbox." Episode references: Internal Revenue Service: https://www.irs.gov Learn more about your ad choices. Visit megaphone.fm/adchoices