The tax code allows for the raising of the cost basis to the higher price, minimizing the capital gains taxes owed if the asset is sold later.

However, if I worked a commission job, in which money could be made at irregular hours, I certainly would want to be available during some of, if not most of those hours (within reason), to increase my earning potential.

I’m looking to avoid tax issues on all fronts.

We decided we'd like to transfer ownership to our children so we can help them avoid the new Proposition 19 law that requires property tax reassessment upon inheritance.

It is worth 3M now but the tax basis is close to 700k.

Hey everyone so due to the passage of prop 19 in CA, my dad has transferred our SFH which is our primary residence to myself and my brother in order to preserve our prop 13 tax base going forward.

Yes there will be payroll expense and tax return fee, but in the end it is beneficial.

With 1031 Exchange you are not paying any taxes.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

Instead we are selling some assets and then performing a cost segregation analysis on some of our larger deals to help defray or eliminate capital gains taxes, and just sticking the cash on our balance sheet to better position ourselves for a potential market shift.