Tag: step-up basis

Home ownership, a vital element in what constitutes The American Dream, is certainly a blessing. Unfortunately it also contains the seeds of what can be financial misfortune, perhaps never more graphically depicted than in a 1986 Steven Spielberg movie, The Money Pit, in which a young couple experiences every calamity possible in remodeling a dilapidated house. To help aspiring homeowners avoid some common errors, I want to pass on five tips.