Basis

Note: The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.

Basis

(As of January 2008. Definitions and statutes may change after this date.)

Basis is a tax term which pertains to the original or acquisition value of a property. The “basis”, which is used to determine the amount of tax to be assessed, is subtracted from the sales price of the property to determine loss or profit.