Basis? I Am So Confused? What is Basis? Why Is Basis Important?
Update: 2021-12-02
Description
To correctly calculated their gains or losses for tax purposes, taxpayers must know their basis in stocks, gifts received, inheritances, and so much more. For shareholders in an S-Corporation, LLC members, and partners in a partnership, knowing and tracking their basis in the business entity is absolutely essential, especially in years when the entity has a pass through loss. How do taxpayers keep track of their basis? For those who are shareholders, members, or partner in an entity, who is responsible to track the individual’s basis? I will provide a broad overview about basis for tax purposes. Taxpayers need to have accurate basis calculations for the proper capital gains or capital loss calculations or to determine if they can take a pass through loss from a business entity. Having this documentation clear and understandable will be absolutely essential should the IRS come knocking.
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