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Capital Gain vs Capital Loss on a Tax Return

How do I claim capital gain?

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Art Auerbach
Tax Director, Goodman & Company, LLP
http://www.goodmanco.com/  

Serving clients since 1932, Goodman & Company brings 75 years of knowledge and experience to the demands of today's ever-changing business environment. Throughout the past 75 years, we've never strayed from our mission-to provide each client with personal, high-quality service using the most up-to-date technology and resources.

How do I claim capital gain?

Basic information to prepare an individual income tax return, Form 1040 and the basic schedules. This video is designed for those individuals who want to undertake the preparation of their tax return. There are tips and pointers for those who have attempted this feat in prior years.

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Host: How do I claim capital gain?

Art Auerbach: To claim a capital gain or a loss you need schedule D on Form 1040 as I mentioned. Part one of schedule D is short term. Short term is defined by comparing the purchase date with the sale date and that date is 12 months or less then the transaction goes into part one. If it is 12 months and one day or longer it's then considered to be a long-term gain or loss and that would go into part two of schedule D. You combine part one and part two together. You determine what the net result of your short-term and long-term transactions are and that moves over to the front page of 1040 on line 13.

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