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Are You Tax Savvy?
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Are You Tax Savvy?

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@CrispOnyx

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Questions and Answers

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?

  • 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?

  • 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?

    <p>Form 8949</p> Signup and view all the answers

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