Have you heard of the “Basis Step Up Rule”? This is arguably one of the tax provisions in the tax code that is least known and least taken advantage of. But if you understand what this rule is, you can potentially save tens of thousands of dollars in capital gains tax. Let me explain.

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In my previous article, I wrote on some tax moves you can make to reap some cool tax benefits next year. But these moves must be done before December 31, 2011. Here are those I have shared in my previous article:

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As the year draws to a close, you have two weeks left to make your tax moves that will make you eligible for various 2011 tax benefits when tax season reopens next month. According to IRS spokesman Dan Boone, “In order to claim certain benefits on your 2011 taxes, you must take action no later than December 31st. Action now could save you money later.” Here are some tax moves you can make to reap the tax benefits next year.

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For a man who serves on the finance committee overseeing the expenditure of billions of tax dollars, it’s incredulous that Marion Barry cannot keep his own tax liability current. According to the District of Columbia Office of the Recorder of Deeds, the IRS has filed a tax lien against Barry for unpaid taxes of $3,200 in 2010. This tax lien is not the first. There was another one prior to this filed two years ago for $15,000 unpaid taxes between 2005 and 2008.

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Since the federal government does not recognize same sex marriages, gays and lesbians are not allowed certain rights when it comes to taxes that straight couples are. For example, gays and lesbians cannot file joint income tax returns. But along with disadvantages should come advantages also. For instance, lesbians who adopt a child wishing to claim the adoption credit should technically be allowed to do so whereas straight couples cannot because the law states that you cannot claim tax credits when you adopt your spouse’s child. Since lesbians are not considered married, then the adoption tax credit is allowable to a lesbian who adopts her partner’s child.

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