TaxBizPro, LLC posted on May 06, 2010 09:02
Capital Gains and Losses are recognized when you sell or dispose of an asset (property, stock, bonds, other securities, collectables, etc.) Here are some facts you should know about capital gains and losses.
• When you sell a capital asset, you should know the original price. It also referred to as “basis”. The difference between the amounts you sold it for and your basis is the capital gain or capital loss. So let’s say you purchased a stock XYZ for $25 (basis) and sold it for $45, you now have $20 of capital gain ($45-$25)
[Read the rest of this article...]