Definition of "Tax basis"

Michele  Burch real estate agent
Michele  Burch, Real Estate Agent EXIT Preferred Realty

The cost of property, such as a home owned for tax purposes. For example, a home was purchased for $150,000. capital improvements to it cost $15,000. The house was later sold for $230,000. the gain on sale is $65,000 ($230,000-$165,000).

 

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