Some basic rules to know regarding capital gains:
- 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.
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