Do you take your cost basis into account when it’s time to sell an asset or investment? When you sell an asset or investment, your cost basis—or the amount you originally paid for it—is subtracted from the sales price to determine your capital gain on the sale. If your last tax return included some surprises on capital gains you incurred last year—and the related taxes—then you’re probably aware of the need to plan ahead when buying or selling assets or investments. It’s even more important in light of some recent tax law changes, including the new tax on net investment income.
The good news is that we can help. Be sure to turn to us with questions about your overall investment strategies, as well as the tax implications of asset and investment purchases or sales. We can offer the advice you need to minimize your tax outlays and make the most of your investments.