# A B C D E F G H I J L M N O P Q R S T U V W

Basis

A tax term describing the price a taxpayer paid to acquire a property. When a property or asset is sold, basis is deducted from the selling price to determine whether there is a taxable gain or loss. For items awarded in a divorce, those items are not taxed as part of the divorce transfer, but the basis for the spouse receiving the property is the same as the spouse’s adjusted basis, or, essentially, the original purchase price remains the basis.

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