Identifying Shares Sold
Before selling shares, decide which shares will minimize your capital gain or maximize your loss. To minimize gain, you should sell the shares with the highest basis. To maximize loss, you should sell the shares with the lowest basis.
If you don’t identify the shares you sell in writing before selling them, the IRS assumes you used the first-in, first-out method.
Is pension income taxable? Find out if pension income, which is a source of retirement income from an employer, is taxed in this post from H&R Block.
Do you need to get a copy of your wage and income transcript from the IRS? Learn more from the tax experts at H&R Block.
Contributing to an IRA is beneficial, but what if you’ve converted a traditional IRA to a Roth IRA? How should that be reported on your taxes? Learn more with H&R Block.
Can you claim a capital loss on inherited property? Learn more from the tax experts at H&R Block.