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RM33
New Member

How to Report Capital Gains without having received a form

I was one of the life estate deed holders on a home in another state (WV) that was sold last year. The amount of my capital gain was recorded as part of the sale, and withholding for WV taxes deducted from the amount I received. I have not and don't expect to receive any form about this capital gain from WV. How do I record this in TurboTax Home & Business? 

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1 Reply
HelenC12
Expert Alumni

How to Report Capital Gains without having received a form

To enter the sale of a "second" home, see Where do I enter the sale of a second home, an inherited home, or land on my 2020 taxes?

 

To enter the WV state income taxes that were withheld, see Where do I enter my estimated tax payments?

 

When you sell a capital asset, the difference between its cost basis and the selling price results in a capital gain or loss.

  • A capital gain is when your asset's sales price exceeds its cost basis (in other words, you made money). Capital gains must be reported on your tax return.
  • A capital loss is when you sell the asset for less than its cost basis. Capital losses from investments can be deducted, but not those from personal-use assets, such as your home or personal vehicle.

Your total capital gains for the year minus your total capital losses results in either a net capital gain or a net capital loss.

  • Short term capital gains (gains on assets held one year or less) are taxed as ordinary income.
  • Long term capital gains (gains on assets held more than one year) are taxed at a more favorable rate than ordinary income.
  • Net losses are deductible, but only up to a maximum of $3,000 ($1,500 if married filing separately). Any capital losses you couldn't deduct this year can be carried forward and deducted on future tax returns. This is called a capital loss carryover.
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