If you're trying and calculate a capital gain (or loss) you need to know the "basis" of what you sold. This video defines basis, particularly as it pertains to securities, and shows you how to calculate basis when your brokerage house doesn't report it to you. You'll also find out how to figure out the basis of capital assets you inherit or receive as gifts.
To see my original video on capital gains, click here: • What is a Capital Gain...
Additional resources and information:
IRS Publication 551: "Basis of Assets": www.irs.gov/pub/irs-pdf/p551.pdf
Websites useful for researching basis of securities.
www.bigcharts.com
www.yahoo.com/financial
The Tax Geek on Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image Credits:
Wikimedia Commons
Pexels.com
The images of "Adam," "Janet," "James," and "Jeremy" were generated by thispersondoesnotexist.com and any resemblance between their likenesses and any person, living or dead, is incidental and not intended.
Intro Music: "Bluesy Vibes" - Doug Maxwell - KZread Audio Library
Outro Music: "Modern Attempt" - Track Tribe via KZread Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The information in this video is current as of date of publication, and is subject to changes.