What Is a Tax Basis? A Number Every Savvy Homeowner Needs To Know
By Jillian Pretzel | REALTOR.COM Something about the word “tax” makes even the most ardent financial wizard’s eyes glaze over. We get it: It’s no fun to think about the money you have to hand over to Uncle Sam. Yet, when it comes to real estate, understanding your tax basis is like knowing the rules of the game. Your tax basis is a fundamental factor that can significantly affect your finances when it comes time to sell your property. However, tax basis is more important to some homeowners than others. Read on to find out everything you need to know. What is a tax basis? Tax basis, also known as cost basis,...
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