Identifying Shares Sold
Before selling shares, decide which shares will minimize your capital gain or maximize your loss. To minimize gain, you should sell the shares with the highest basis. To maximize loss, you should sell the shares with the lowest basis.
If you don’t identify the shares you sell in writing before selling them, the IRS assumes you used the first-in, first-out method.
Do capital gains apply to garage sale money? The answer depends on a number of factors. Learn more at H&R Block.
Professional golfer taxes can be complicated and confusing. Learn more about tricky golfer tax issues like travel deductions and residency rules with H&R Block.
Thinking about renting out a room in your home? Learn more about the potential tax implications with the experts at H&R Block.
Finding your taxable income is an important part of filing taxes. Learn how to calculate your taxable income with help from the experts at H&R Block.