Basis Rules of Inherited Property

Under the fair market value basis rules (also known as the “step-up and step-down” rules), the heir receives a basis in inherited property equal to its date-of-death value. So, for example, if Uncle Harry bought Kodak stock in 1935 for $500 and its worth...

Deducting the Cost of a Home Computer

The deductibility of the cost of buying and operating a home computer, including related equipment such as printers, drives, scanners, modems, etc., depends on how you use the computer. Strictly personal use: As you might guess, you get no tax deduction when you use...