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Most income is ordinary, including pay for services, interest, business profits, dividends, money for winning the lottery, and most other payments. But for generations, there’s been a big tax break for long-term capital gains, those held over a year. Assuming you get past one year, if you sell your house, car, crypto stockpile, Amazon AMZN -0.5% stock or other assets, it’s long-term capital gain. Up to now, the tax rate on capital gain has been zero, 15% or 20%, depending on

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, for example, if your grandmother bought stock in 1935 for $500 and it’s worth $1 million at her death, the basis is stepped up to $1 million in th

THE AMERICAN FAMILIES PLAN - What to know about the aggressive policies that punish smart Americans that have planned, invested wisely often for decades, worked hard to build and maintain wealth to benefit their retirements, loved ones, and charitable pursuits. The President’s tax agenda will not only reverse the biggest 2017 tax law changes, but reform the tax code so that the wealthy are forced to play by the new rules that remove tax planning benefits that have been in pla