Get your taxes done using TurboTax
There are two issues to be concerned with here. One is cost basis. The second is being able to document your holding period. If for some reason no one is able to determine cost basis, but everyone, including the IRS, agrees that the holding period is long-term, then the long-term capital gains tax rates apply. The long-term capital gains rates are 0%, 15% or 20%, depending on your taxable income and filing status. To determine the tax, just multiply the applicable percentage rate by the capital gain. The resulting number is the tax you will pay.
Below is a chart reflecting the 2023 long-term capital gains tax rates based on income and filing status. Note, if your taxable income is below the amounts listed on the 15% capital gain rate line, then the capital gain tax rate is 0%.
