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Topic: Cost Basis

Cost basis is the original amount paid for a security that has been adjusted for wash sales and corporate actions. Cost basis is used to determine capital gains and losses.

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. Investors can then generate a Schedule D making tax preparation and filing easier. The list of transactions reportable on the 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.