Despite Tesla (TSLA) reporting disappointing earnings and a higher-than-expected US economic growth reading, US stocks climbed on Thursday. The Dow Jones Industrial Average (^DJI) gained 0.2%, the S&P 500 (^GSPC) rose 0.4%, extending its record streak from the previous day, and the Nasdaq 100 (^NDX) inched up about 0.6%. The morning release of the advance estimate for fourth-quarter US gross domestic product (GDP) revealed a robust annualized growth rate of 3.3%, surpassing economists' expectations of 2%. Tesla, in its quarterly results, cautioned about a "notably" slower growth in electric vehicle production, missing profit forecasts. CEO Elon Musk expressed concerns about Chinese carmakers outpacing rivals in the absence of trade restrictions. Tesla shares plummeted up to 11%, marking a deeper decline compared to other tech-heavy "Magnificent Seven" stocks that have been propelling the S&P 500's surge. After-hours attention focused on Intel (INT...
Inheritance can be a welcome financial boost, but it often comes with tax complexities. When you inherit property or assets, rather than cash, you typically don't incur immediate taxes. Taxes come into play when you decide to sell these inherited assets, in the form of capital gains taxes. These taxes are calculated based on a concept known as a stepped-up cost basis, ensuring you're taxed only on the appreciation that occurs after you inherit the property. To navigate this process correctly, consulting a financial advisor is a prudent step. Let's delve into how capital gains are handled when inheriting property. Inheritances can be subject to three main types of taxes: 1. Inheritance taxes: These taxes are paid by heirs on the value of the inherited estate. Federal inheritance taxes are non-existent, with only six states imposing some form of inheritance tax. Given the state-specific nature of inheritance taxes, discussing them in detail is beyond the scope of this articl...
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