Tips for reporting capital gains and losses on your taxes

Taxes: Capital Gains & Losses

Related Topics

Taxes: Audits

Taxes: Charitable Giving

Taxes: Children

Taxes: Deductions, General

Taxes: Dependents

Taxes: Education

Taxes: Employment

Taxes: Estates & Inheritances

Taxes: Gifts

Taxes: Healthcare

Taxes: IRS Debt

Taxes: Marriage

Taxes: Mortgages

Taxes: Planning

Taxes: Preparation & Filing

Taxes: Property Taxes

Taxes: Record Keeping

Taxes: Refunds

Taxes: Rental Property

Taxes: Self Employment

Related Topics

Investments: Taxes

IRAs and Retirement Plans: IRAs and Taxes

New Rules to Report Capital Gains, Losses


Dear Tax Talk answers the following question. "I heard the brokers will report my capital gains and losses to the Internal Revenue Service. Do I still need to include those on my tax return?"

How Taxes Affect Investing Gains, Losses


Investors hold stocks and bonds to ensure diversification of their portfolios. But the investment instruments share one feature: Taxes must be taken into account.

Reporting Your Capital Gains (or Losses)


You survived a turbulent stock market, making a little profit on a couple of stocks and dumping some dogs just in time. Well, the ride isn't over yet. Buckle up and get ready to report your transactions to the Internal Revenue Service. If you sold a stock or other property, regardless of whether you made or lost money on it, you have to file Schedule D. This two-page form, with all its sections, columns and special computations, looks daunting and it certainly can be.

No Capital Gains Due for Some Investors


You heard right. There's no capital gains tax on the sale of assets held for more than a year. But before you rush to your broker to sell all your stocks and mutual funds, check out the new law's finer points and how they might or might not apply to you.

A Look at the Many Capital Gains Rates


Money gurus are always preaching long-term investing. Not only will that give you a better shot at earning more, it'll also get you a lower tax rate when you sell. Currently, capital gains are at historic lows. Some taxpayers in the two lowest tax brackets could end up without any capital gains tax bill. That's right, zero capital gains for some filers.

Capital Gains and Your Home Sale


The rules keep changing, but the home sale tax break is still one of the best around. Homeowners already know the many tax breaks that Uncle Sam offers, most notably mortgage interest and property tax deductions. Well, he also has good tax news for home sellers: Most of them won't owe the Internal Revenue Service a single dime.

Maximizing Your Capital Gains Exclusion on Home Sale


When you sell your home, you have to figure its basis to determine how much to pay in capital gains taxes. Generally, the adjusted basis of a home you purchase is its cost, including any debt incurred. Your basis is also increased for improvements. An expenditure is an improvement if it adds to the value of your home, prolongs its useful life or adapts it to new uses. You add the cost of additions and other improvements to the basis of your property. Repairs maintain your home and keep it in good condition, but they do not add to its value or prolong its life. You do not add their cost to the basis of your property.

Declaring an Investment Loss on Land


"We purchased a residential block of land as an investment about three years ago. The investment did not do so well. After paying interest, taxes, etc., we will be selling the land at a loss -- considerably less than the purchase price. My question is: Can we declare this investment loss on our next tax return? We are both full-time workers."

Claiming a Loss on a 529 Plan


"I lost money when I closed my grandchild's 529 plan. Is this loss tax deductible?"

How to Account for a Business Loss


"My wife is a day care provider. One of her clients did not pay her. Is there anywhere on the tax form to deduct this as a loss?"

Capital Losses Can Help Cut Your Tax Bill


Plummeting stock prices can cast a dark cloud over anyone's finances. However, at tax time, these capital losses can produce a ray of write-off sunshine. When you sell any pharmaceutical flops or banking blunders, you can use them to offset gains from more successful ventures -- or even a portion of your everyday income.

Stay Connected with TDS

TDS Pinner Of The Month

Subscribe to TDS Newsletters

Join over 250,000 other subscribers!

Join Fido!

Discounted movie tickets
Sign up for Savvy Savings at TDS and get a free membership for discounted movie tickets!

Your Email:

The Dollar Stretcher
Dollar Stretcher Parents
Dollar Stretcher Tips
Surviving Tough Times
Financial Independence
The Computer Lady
Computer Lady Lessons
Healthy Foods

Your Email:

View the TDS Privacy Policy.