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Questions and Answers
When you sell securities, how is the amount of gain or loss determined?
When you sell securities, how is the amount of gain or loss determined?
- By dividing the amount you sell them for by your basis in the securities
- By adding your basis in the securities to the amount you sell them for
- By subtracting your basis in the securities from the amount you sell them for (correct)
- By multiplying your basis in the securities by the amount you sell them for
What determines the amount of capital gains taxes you owe on the sale of securities?
What determines the amount of capital gains taxes you owe on the sale of securities?
- The type of securities being sold
- The amount of loss you have on the sale
- Your income and the holding period of the securities (correct)
- The current market value of the securities
If you have a net capital loss for the year, how much of the loss can you deduct against your ordinary income?
If you have a net capital loss for the year, how much of the loss can you deduct against your ordinary income?
- Up to $15,000
- Up to $3,000 (correct)
- Up to $10,000
- Up to $5,000
What form may you need to file with your tax return to report the sale of securities?
What form may you need to file with your tax return to report the sale of securities?
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