Overview

Build Tax Basis Skills That Keep Estate Plans Accurate and Audit Ready

Understanding tax basis is critical to planning asset disposition, minimizing tax burdens, and ensuring compliance in estate planning and administration. Do you know how it works? This practical course provides essential knowledge of tax basis concepts, focusing on the critical tasks paralegals perform to support attorneys and CPAs. Learn how to identify, gather, calculate, and document tax basis information for estate assets, as well as how to assist in preparing required tax forms and schedules. Emphasis is placed on real-world applications, efficient recordkeeping, and best practices for collaboration within the estate planning team. Learn the ropes - register today!

• Ensure accuracy of client and property information to support basis calculations and tax compliance.
• Assist in determining correct tax basis in gifted and inherited assets.
• Adopt best practices for tracking original costs, improvements, and sales.
• Improve communication and workflow with attorneys and CPAs to facilitate seamless estate plan execution.

Abbreviated Agenda

• What Is Tax Basis? Key Concepts and Terminology, Property Types
• Obtaining Basis Information: Client Intake Forms, Requesting Supporting Documents
• Calculating Basis: Acquired vs. Inherited Property, Fair Market Value (FMV), Adjustments
• Estate Planning Effects on Basis (Trusts, Marital Deduction Planning, Sale of Assets, etc.)
• Recordkeeping and Reporting Beneficiary Information (Form 8971)
• Preparing Supporting Schedules for Tax Returns (e.g. Schedule D for Capital Gains/Losses)
• Collaborating With Attorneys and CPAs