The IRS wants you to file your tax return. That's why it has guides to help you with nearly every tax situation. Find the IRS publication that covers your particular situation.
IRS Publication 551 “Basis of Assets” is a detailed guide prepared by the Internal Revenue Service (IRS) that provides individuals with a comprehensive understanding of the concept of basis. Basis, in simple terms, refers to the amount of money or property investment from which an individual’...
Capital gains tax rates on income from the selling of assets are broken down into short and long-term rates. Short-term capital gains, which apply to assets held for less than a year, are considered as ordinary income and are taxed at the rates and brackets highlighted above. Long-term ca...