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What is the Basis in my property?
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What is the Basis in my property? |
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"Basis" is your investment in property for tax purposes. Before you can figure any gain or loss on a sale, exchange or other disposition of property, or figure allowable depreciation, you must determine the "adjusted basis." Adjusted Basis is the result of increasing or decreasing your Original Basis according to certain events. Your Original Basis is usually your cost to acquire the asset.
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