Understanding Cost Basis: Avoid Tax Mistakes!

Tracking your cost basis is essential for smart investing and tax efficiency! In this video, we break down:

What cost basis is and why it matters
How it affects stocks, mutual funds, real estate, and cryptocurrency
Common misconceptions that could cost you money
Key tax strategies, including FIFO, Specific ID, and Average Cost methods
How inherited assets and retirement accounts impact cost basis

Need expert guidance? Always consult a CPA or financial professional to optimize your tax strategy.

This content was written by Spencer S. Hall CFP®, RLP ®, CKA ®, MBA, MDiv

Spencer is a Certified Financial Planner™ with 14 years in the field of retirement and financial planning. As a second-generation financial advisor at Retirement Planning Services, Spencer brings a wealth of experience and passion to help clients align their wealth with their core values.

Advisory services offered through Retirement Planning Services, LLC.

The information in this article is intended for general educational and informational purposes only, and should not be construed as investment advisory, financial planning, legal, tax, or other professional advice based on your specific situation. Please consult with your professional advisor(s) before taking any action based on its contents.