Basis - Noun The underlying support or foundation for an idea, argument, or process. Basis has its roots or foundation in our fundamental family assets of how they are taxed by the Federal Government. For Example, if John gifts his secondary home to his daughter Julia, the home will be given to Julia but at the same basis that John originally purchased the home. John bought … [Read more...] about Understanding Basis and Why it is important to you and your Family?
WHAT IT IS AND WHAT IT WILL BE – IRS / CLINTON – TRUMP PROPOSALS The IRS has released Rev. Proc. 2016-55 announcing the exemptions and various tax adjustments for 2017. The annual gift exclusion remains at $14,000. The unified gift/estate exemption is adjusted to $5,490,000. Annual exemption for gifts to a noncitizen spouse is $149,000 The tax on … [Read more...] about WHAT IT IS AND WHAT IT WILL BE – IRS / CLINTON – TRUMP PROPOSALS SANTA ROSA CA