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Deductions & credits
True, this was definitely causing me some confusion. The easiest way for me to reconcile this as true, is the fact that everything I read which talks about these kinds of transactions talks about how one of the cons is the fact that it lowers the buyers cost basis (which makes sense) therefor the sellers cost basis must go up as a result, or at least something is adjusted so that the same capital gain taxes aren't being payed twice by the seller and the buyer when they go to sell say in the same year.
‎August 16, 2021
4:38 PM