Lesson: Holding Period of Assets

In this lesson, explore the nitty-gritty of asset contribution to partnerships with Nick Palazzolo, CPA, as he breaks down how the holding period for assets is a critical element in determining tax liability upon disposal. With a clear and engaging approach, Nick clarifies the concept of 'tacking on' the holding period—a crucial tactic for anyone dealing with partnership tax scenarios. Understand through concrete examples how a partner's contribution to a partnership impacts the classification of capital gains or losses as either short-term or long-term, which carry distinct tax rates. By unpacking this strategic point of tax law, Nick ensures a comprehensive understanding of the implications it holds for a partner's tax planning.