At times capital gains & losses can be very tricky on how to correctly report on your Mesa Tax Preparation.\u00a0 Below I have explained it as simply as I can.\u00a0 If you find it confusing or are still unsure its important to seek advise from\u00a0 a professional.\u00a0 I don’t charge for an initial consultation to discuss your particular case.<\/p>\n
If you realize a profit when you sell an asset, such as a stock, you have a capital gain. In other words, if you sell an asset for more than you bought it for, you made a profit and will need to pay capital gains tax. The IRS differentiates between long-term capital gains (on assets held for over one year before selling) and short-term capital gains (sold within one year or less). The tax rate for long-term capital gains is lower than short-term. You may be required to make estimated payments if you have\u00a0a large amount of\u00a0capital gains.<\/p>\n
If you have capital losses (the sale price is lower than what you paid originally), you can claim no more than $3,000 per year (married filing jointly). You may be able to carry the loss forward to later years if your total loss is over $3,000.<\/p>\n
For a more detailed explanation of capital gains & losses for your Mesa Tax Preparation click on the following link (IRS Topic 409<\/a>)<\/p>\n