Assets or investments…Do you take your cost basis into account 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 had some surprise capital gains then you are aware of the need to plan ahead when buying or selling assets or investments. It more important than ever due to recent tax law changes, including the new tax on net investment income (NII).

The good news is that we can help. Give us a call with your questions about your investment strategies, as well as the tax implications of assets and investments purchases or sales. We can offer advice you need to minimize your tax outlays and make the most of your investments.