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• A capital gain is the profit realized from holding a security.
• A short-term capital gain is the profit realized on a security held for one year or less.
• A long-term capital gain is the profit realized on the sale of a security held for more than one year.
• The basic rule for calculating capital gains is the sales price minus the cost of selling less the adjusted tax basis (cost basis), which equals the taxable capital gain or loss.

TaxACT has partnered with GainsKeeper to offer its customers a solution for calculating capital gains for the Schedule D. GainsKeeper is a tax planning tool that helps investors with complicated capital gains calculations and tax implications. GainsKeeper calculates capital gains by tracking investments and adjusting portfolios for wash sales and corporate actions. The list of transactions reportable on the Form 8949 and Schedule D can be imported into TaxACT from GainsKeeper for electronic tax filing purposes.

TaxACT has also partnered with TradeLog to offer its customers a solution for calculating capital gains on Schedule D. TradeLog is the premier Schedule D / Wash Sale Generator software program for active traders and investors. TradeLog allows you to easily import the trade history from over 30 online brokers. The software then accurately matches your trades based on IRS rules and generates the reporting you need for Schedule D. The list of transactions reportable on the Form 8949 and Schedule D can be imported into TaxACT from TradeLog through a .CSV file for electronic tax filing purposes.

Related Links:

• How to import 1099-B data into TaxACT
• Cost Basis
• Wash Sale
• Schedule D - Capital Gains and Losses