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How do find the "adjusted basis of investment assets generating

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foreign income" ?...
How do find the "adjusted basis of investment assets generating foreign income" ?
Submitted: 4 years ago.Category: Tax
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3/1/2013
Tax Professional: Lev, Tax Advisor replied 4 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,151
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LEV :

Hi and welcome to Just Answer!
The basis is determined differently based on how the property was acquired. If the property was purchased - the basis is the purchase price.
You may review IRS publication 551 for details - www.irs.gov/pub/irs-pdf/p551.pdf
That is regardless if that asset is in the US or abroad.

LEV :

The basis is adjusted by some events - for instance improvement expenses and depreciation.
Please let me know what type of asset doe you have?
What was your purchase price?
What additional events did you have since you purchased that asset?

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Tax Professional: Lev, Tax Advisor replied 4 years ago
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