The recent devastating fires on Maui have left us deeply saddened. The suffering of all those affected weighs heavily on our hearts. Sterling & Tucker, LLP has been assisting Maui residents for over 20 years. Our dedicated team of attorneys is here to provide unwavering support and guidance during this unparalleled time. In an effort to support the fire relief efforts on Maui, we have made a donation to the Hawaii Community Foundation’s Maui Strong Fund in honor of our treasured clients on Maui.

Income Tax Basis

Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.

Income Tax Basis