Don't just use the purchase price. According to IRS Publication 551 , you can increase your basis (reducing your taxable gain) by adding:
If you received property as a gift or inheritance, your basis isn't what you paid—it's likely what the original owner paid. 🛠️ Adjusting Your Basis (Increasing Your Fortune) 551 mp4
Disclaimer: Tax rules can be complex. Always consult a tax professional before making financial decisions. Don't just use the purchase price
Think of "Basis" as your financial origin story—it is the foundational number that tells the IRS how much you originally invested. 💡 Why 551 Matters (The "Wow" Factors) 551 mp4