5 Things to Know to Reduce Your Tax on Capital Gains

Although it is often said that nothing is certain except death and taxes, the one tax you may be able to avoid or minimize most through planning is the tax on capital gains. Here’s what you need to know to do such planning: What is capital gain?  Capital gain is the difference between the “basis” in property — usually real estate or stocks, but also including artwork and...

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Do You Pay Capital Gains Taxes on Property You Inherit?

Nope.  When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes. Fortunately, when you inherit property, the property’s tax basis is “stepped up,” which means the basis would be the current value of the property. For example,...

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Contract Basics

Why Contracts Are In A Language You Can’t Understand Negotiation Contract Law Basics Breach of Contract The Reasonable Person Remedies Special Types of Contracts Why Contracts Are In A Language You Can’t Understand Every profession has its own jargon, and law is no exception. Law’s language is called legalese. Lawyers don’t necessarily use legalese to obfuscate, although...

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