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Does a partnership get a step-up in basis?

When a step-up occurs, the basis in the partnership’s assets are adjusted according to relative unrealized/built-in gain of the assets. Step-ups associate...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Can you short sell on Wells Fargo?

Wells Fargo short sale process overview Be aware that there are many more participants involved in the short sale process than on a typical real estate tr...

Are trustee fees considered earned income?

A nonprofessional PR or Trustee (such as one serving in a family or friend setting) will simply include the fees in the Trustee’s gross income on Line 21 ...

Is notice period 30 days or 1 month?

A contract should specify number of days not “month” but if it is indicated in terms of month it would commonly be considered the day of the month from th...

Can I claim my apartment rent on taxes?

If you rent out your property or it is genuinely available for rent, you can claim deductions for most of the expenses you incur in these periods. You onl...

How do you buy penny stocks?

How do beginners buy penny stocks? Penny stocks trade on unregulated exchanges. Frequently targeted by pump and dump schemes, researching penny stocks can...

Do financial advisors manage IRA?

Many financial advisors will manage one account for you rather than look at all your investment accounts holistically. When you have multiple accounts suc...

What does Code J mean on 1099-R?

Code J indicates that there was an early distribution from a ROTH IRA. The amount may or may not be taxable depending on the amount distributed and the ta...

Should I move my assets into a trust?

Moving your house or other assets into a trust (specifically an irrevocable trust) can decrease your taxable estate. For a wealthy estate that could other...

How should donated assets be accounted for?

For-Profit Accounting Journal Entry In the for-profit world, a company receiving a donated asset will record the donation as a debit to “Fixed Asset” and ...