Fill Form 8815 Losses 2022-2023

Instructions and Help about Fill Form 8815 Losses

Hello I'm Kenneth my senior and I'm the CEO and founder of integrated asset management wealth management and financial planning firm and today we're going to be talking about what constitutes a long-term capital gain that you must report on schedule d first off let me define what the IRS considers long-term and short-term gain long-term gain is any investment business or item held for profit or the intention of profit greater than one year if it's how less than one year it's often referred to as an ordinary income item even though it is held for profit it's considered an ordinary income item therefore if you have an investment that you were holding greater than one year one day it may qualify for the long term capital gains tax treatment now under the new rules with the IRS these will dictate what rate you pay which is mandated on your actual income so currently if you earn greater than a certain limit single or joint you may pay either the lower or if you exceed those limits the higher capital gains tax rates now here's a suggestion if you are taking capital losses those could be short-term or long-term those are generally netted out on your schedule d and they are put on your 1040 tax return now many people are very misinformed they have many losses but they don't want to realize those losses because they think that they are only entitled to three thousand dollars in a deduction let me clarify let's say that you bought a stock for fifty thousand and it is now worth twenty five thousand dollars you don't want to sell it because you don't think that you'll be entitled to the $25,000 deduction here's my suggestion if the stock does not have...