long term capital gains tax

Forum|Forum|5 years ago
March 7, 2021
4 replies
8 views

In my personal and business version of the software, I am noticing that the capital gains is calculated o nthe gross amount and not the profit. What do I do?

Should it not be on (Gross-cost basis)*20% as it is long term gains?

SweetieJean

Alumni - Champ

What type of asset? Is it rental property?

stax 12Author

Level 2

Stock of private company.

JotikaT2

Alumni - Expert

I recommend reviewing your input to ensure you are entering the cost basis and gross proceeds in the correct section as follows.

You will enter the information in the federal interview section.

Select Income & Expenses
Scroll down through all income until you see Investment income
Select Stocks, Mutual Funds, Bonds, Other
Select Add more sales or Edit if you have already entered sales information
Continue through the screens until you see a screen titled Now, we'll enter one sale...
You will be able to scroll down and enter your cost basis, date of acquisition, sales dates, proceeds, etc on this screen.
Make sure you do this for all sales listed to ensure you are only paying tax on the gain for each sale