Ask Ed: Financial Planning Questions And Answers
Question: Under the proposed Biden tax plan, what will happen to the step-up in cost basis rule that for many years has provided heirs with the advantage of using the date-of-death valuation for inherited assets?
Answer: It will be eliminated.
Question: What is the correct order for using capital losses on investments?
-First, deduct short-term losses against short-term gains
-Second, deduct long-term losses against long-term gains
-Third, net the two totals to determine whether there is a net gain or loss.
Question: What is the maximum amount of capital loss deductible against ordinary income in any one year?
Have a question? Contact Ed Mahaffy.
A GIFT FOR YOU!
Complimentary Copy Of eBook: How To Select A Financial Advisor
(Includes All Graphic Charts)
Subscribe to TaxConnections Blog
Enter your email address to subscribe to this blog and receive notifications of new posts by email.