Tax Basis – The Burns Firm – Advisors of Complex Financial Matters

House Rich But Cash Poor? Consider a Reverse Mortgage Strategy

June 18th, 2024|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Reverse Mortgage, Services, Stepped-up Basis, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Basis, The Burns Firm|Tags: Reverse Mortgage, Step-up Basis, tax, tax advisor, The Burns Firm|

Are you an older taxpayer who owns a house that has appreciated greatly? At the same time, you may need income. Thankfully, there could be a solution with a [...]

A three-step strategy to save tax when selling appreciated vacant land

May 28th, 2024|Categories: Accountant, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Land Sales, Tax, Tax Advisor, Tax Basis, Tax Depreciation, The Burns Firm|Tags: cpa near me, CPA Tax Advisor, Dallas CPA, Dallas tax advisor, S corporation entity, Save tax when selling appreciated vacant land, selling land, Selling Land and Tax, tax advisor, Tax paid when you sell land, Texas CPA, The Burns Firm|

Let’s say you own one or more vacant lots. The property has appreciated greatly and you’re ready to sell. Or maybe you have a parcel of appreciated land that [...]

Updated Guidance on Business Vehicle Depreciation

May 9th, 2024|Categories: Accountant, Bonus Depreciation, Burns Firm, Business, Business Expense Deductions, Business Vehicle, CPA, CPA Dallas, CPA near me, CPA Texas, Dallas CPA, Sec. 179, Services, Tax, Tax Advisor, Tax Basis, Tax Depreciation, The Burns Firm|Tags: business vehicle depreciation, Business Vehicle Expenses, cpa near me, Dallas CPA, Depreciation on Business Vehicle, sec 179, Sec. 179 Deduction vs. Bonus Depreciation, tax, tax advisor, Texas CPA, The Burns Firm|

The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation [...]

Installment Sales Can Be a Win-Win for Buyers and Sellers

March 21st, 2024|Categories: Accountant, accountant near me, Accounting, Burns Firm, Business, Buying a Business, Capital Gain, Capital Gains Tax, CPA, CPA Dallas, CPA near me, Dallas CPA, Installment Sale, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, tax accountant, tax accountant near me, Tax Advisor, Tax Basis, Tax Planning, The Burns Firm|Tags: Acquisition, Buyer side, CPA Dallas, cpa near me, Installment Sale, Installment Sale Gains, M&A, M&A CPA, Selling of Business, tax advisor, The Burns Firm, The Burns Firm M&A Advisors|

For federal income tax purposes, an installment sale is when at least one payment of proceeds from an eligible sale is deferred until after the end of the tax year [...]

M&A Reminder: Earnouts Bring Critical Tax Considerations

July 5th, 2023|Categories: Accountant, Accounting, Burns Firm, Business, Buying a Business, CPA, CPA Dallas, CPA near me, Dallas CPA, Due Diligence, Earnouts, M&A, Merger & Acquisition, Sell Business, Selling a Business, Services, Small Business, Tax, Tax Advisor, Tax Basis, Tax Planning, The Burns Firm|Tags: Compensation vs Purchase Price in an acquisition, Earnouts, Earnouts bring critical tax considerations, Earnouts in a M&A deal, How should I structure an M&A transaction, M&A, mergers & acquisitions, tax, tax advisor, Tax Treatment in a Merger or Acquisition, The Burns Firm|

Merger and acquisition (M&A) activity is widely expected to pick up this year, after a lull in 2022. Amid economic uncertainty, earnouts are likely to play a big role in [...]

There’s a Favorable “Stepped-Up Basis” If You Inherit Property

May 4th, 2023|Categories: Accountant, Accounting, Burns Firm, CPA, CPA Dallas, CPA near me, Dallas CPA, Inheritance, Services, Tax, Tax Advisor, Tax Basis, Tax Deductions, Tax Planning, Tax Preparation, tax preparer near me, The Burns Firm|Tags: cpa near me, Property Inheritance, Stepped-Up Tax Basis, tax, tax advisor, Tax Basis, Tax basis on inherited property, The Burns Firm|

A common question for people planning their estates or inheriting property is: For tax purposes, what’s the “cost” (or “basis”) an individual gets in property that he or she [...]