Taxes: Charitable Giving
Taxes: Deductions, General
Taxes: Estates & Inheritances
Taxes: IRS Debt
Taxes: Preparation & Filing
Taxes: Property Taxes
Taxes: Record Keeping
Taxes: Rental Property
Taxes: Self Employment
Related TopicsInvestments: Taxes
IRAs and Retirement Plans: IRAs and Taxes
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.
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