Capital Gains Tax Guide
Capital gains are the profits earned on an investment in stocks, bonds, mutual funds, real estate, or collectibles. Find helpful tax laws in plain english for figuring your capital gain, calculating your tax, and minizing the capital gains tax.
Selling Gift Property
People often end up owning real estate and other property when the original owner has given that property to them. Transfers of property given before the original owner dies is called a gift. Recipients of gift property have different tax consequences than recipients of inherited property.
People often end up owning real estate and other property when the original owner has given that property to them. Transfers of property given before the original owner dies is called a gift. Recipients of gift property have different tax consequences than recipients of inherited property.
Modified Home Sale Exclusion for Non-Qualifying Use
When homeowners sell their main home, they can exclude up to $500,000 in capital gains from income tax. The Housing Assistance Tax Act of 2008 changes the rules. The amount of profits from the sale of a house that can be excluded is now based on the percentage of time when the house was used as a primary residence.
When homeowners sell their main home, they can exclude up to $500,000 in capital gains from income tax. The Housing Assistance Tax Act of 2008 changes the rules. The amount of profits from the sale of a house that can be excluded is now based on the percentage of time when the house was used as a primary residence.
Foreclosures
Foreclosures are treated as the sale of property for tax purposes. Homeowners going through a foreclosure will need to calculate their gain or loss for tax purposes, as well as consider any tax that might be due on the forgiveness or cancellation of debt.
Foreclosures are treated as the sale of property for tax purposes. Homeowners going through a foreclosure will need to calculate their gain or loss for tax purposes, as well as consider any tax that might be due on the forgiveness or cancellation of debt.
Depreciation Recapture
When taxpayers sell an asset that has been depreciated for tax purposes, that sale may trigger a type of capital gain called depreciation recapture. The depreciation recapture tax mostly impacts landlords who are selling rental property. Learn more about the depreciation recapture tax.
When taxpayers sell an asset that has been depreciated for tax purposes, that sale may trigger a type of capital gain called depreciation recapture. The depreciation recapture tax mostly impacts landlords who are selling rental property. Learn more about the depreciation recapture tax.
Capital Gains Tax: Essential Tax Tips for Capital Gains & Losses
A capital gain is the difference between what you paid for an investment and what you received when you sold that investment. If you made a profit on the investment, then you have a capital gain. If you lost money on the investment, then you have a capital loss. Covers record-keeping, calculating capital gains and cost basis.
A capital gain is the difference between what you paid for an investment and what you received when you sold that investment. If you made a profit on the investment, then you have a capital gain. If you lost money on the investment, then you have a capital loss. Covers record-keeping, calculating capital gains and cost basis.
Capital Gains Worksheet
Use financial software or spreadsheets to track all your investment information in one place. This will save you time and frustration at tax time. Here's some tips for keeping on top of your capital gains information.
Use financial software or spreadsheets to track all your investment information in one place. This will save you time and frustration at tax time. Here's some tips for keeping on top of your capital gains information.
Selling Your Home: Capital Gains Tax on the Sale of a Main Home
How to calculate capital gains taxes on the sale of a main home. Plus tips for lowering your capital gains using the Section 121 capital gains exclusion when selling your principal residence.
How to calculate capital gains taxes on the sale of a main home. Plus tips for lowering your capital gains using the Section 121 capital gains exclusion when selling your principal residence.
Capital Gains and Mutual Funds: Calculating Capital Gains on Shares
Calculating capital gain or loss when selling shares of a mutual fund can be complicated. Essential information about capital gains distributions, calculating mutual fund cost basis, and figuring capital gains or losses.
Calculating capital gain or loss when selling shares of a mutual fund can be complicated. Essential information about capital gains distributions, calculating mutual fund cost basis, and figuring capital gains or losses.
Wash Sale Rule on Capital Losses
If you buy the same stock within one month of selling that stock for a loss, your loss will be disallowed under the Wash Sale Rule. The loss is not gone forever, the disallowed is added to your cost basis in the new stock position.
If you buy the same stock within one month of selling that stock for a loss, your loss will be disallowed under the Wash Sale Rule. The loss is not gone forever, the disallowed is added to your cost basis in the new stock position.
Adjusted Basis Definition
Definition of "Adjusted Basis": the net cost of an asset after adjusting for various tax-related items.
Definition of "Adjusted Basis": the net cost of an asset after adjusting for various tax-related items.
Cost Basis Definition
Definition of "Cost Basis": the original price of an asset, such as stocks, bonds, mutual funds, property, or equipment. Cost basis includes the purchase price and any associated purchase costs.
Definition of "Cost Basis": the original price of an asset, such as stocks, bonds, mutual funds, property, or equipment. Cost basis includes the purchase price and any associated purchase costs.
Sample Mutual Fund Cost Basis Spreadsheet
Sample spreadsheet for keeping track of actual cost basis in a mutual fund using the specific identification method of accounting.
Sample spreadsheet for keeping track of actual cost basis in a mutual fund using the specific identification method of accounting.