Capital Gains Tax Calculator for 2011, 2012
65Capital Gains Tax Calculator
Capital Gains
A capital asset is a profit you make from the sale of stocks, bonds, mutual funds, property, your home, or other possessions. If you purchase a personal possession for whatever base price, for example a piece of property for $10,000 and sell it for $15,000, your capital gain will be $5,000.
Capital Losses
A capital loss is when you lose money on the sale of a personal possession. We’ll use the same example as above, if you purchased the land for $10,000 and sold it for $5,000, your capital loss will be $5,000.
Long-Term Short-Term
Does it matter when you sell the possession? It sure does! The tax on short term is much higher than on long term. Short term capital gains are defined as purchase and then sell in less than one year. Long term capital gains are defined as purchase and then sell in one full calendar year or longer. Short term tax rates can be as high as 35%. Ouch! On the other hand, long term tax rates can be 0% to 15%. Personally, I prefer the later tax rate myself.
Calculating Capital Gains
I want to know exactly where I stand when it comes to calculating my capital gains and losses. If you would like to use a free tax calculator then, try using the free software at TurboTax Online. I trust the software completely to calculate my profits and losses. First of all, the losses are subtracted from the gains, which helps in that category. If your short term losses exceed your gains then, up to $3,000 of losses can be deducted from other kinds of income.
Optimize Capital Gains and Losses
Using the online tax preparation tax return software has helped me to have the best taxable income amount possible. I used to miss so many deductions that I didn’t know I qualified for. TurboTax Online has earned a #1 rating from companies we know and trust. I certainly don’t have the time to keep up with the constantly changing tax laws. Leave the updating to the tax experts and give the capital gains tax calculator a try today. Tax experts are standing by ready to help you today!
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I sold a company in 2008 and took half the selling amount in stock of the company who bought me. In 2008 I only claimed in income, the half that I took in cash. The remaining half that I took in stock was left in stock of the purchasing company until I sold it last week. When they purchased my company the stock was valued at $3.94 per share. When I cashed them in, they were only worth $2.00 per share (a loss of $1.94 per share form the value I obtained them at). Can I claim a loss on the share value or do I still have to pay a capital gain tax on the remaining value since I did not claim it originally as income when I obtained them?
My wife and I bought a house in philadephia for $1.4m in 2003, and had it recently appraised for $2m. I believe that with the capital gains tax changes post-2011, it would be better to sell prior to the end of next year. Am I right? Can you help me understand my options and the right way to calculate my tax exposure?
Thanks.
Steve
I invest $100k in a specific security and hold for over 1 yr and my return is 10% yielding me $110k. Of that, is the long-term capital gains tax only as high as $1,500 (15%) or is this amount applied to any other taxes associcated with this investment? In other words, will I owe any more than a total of 15%?
Thanks in advance,
Brek
no, you would not pay any capital gains. They are waived once you pass the 2-year mark.
If you purchased a home for 16,000 in 1959 and sold it for $80,000, do you pay capital gains on $64,000? This is a parent home.
thomas 8 months ago
If a person was selling his business and he receives $175,000.00 in cash for the purchase, is there a Capital Gains Tax on that?? If so, how much would that be.