When stock market prices took a dive at the beginning of COVID-19 millions of people jumped into the stock market to take advantage of the low prices and millions also sold stock this year for the first time. Many of them making huge gains on their sales. Are you one of them? If so, you probably have some of the top questions we hear like, “How much will my stock sales be taxed?”, “What is a capital gain or loss?”, and “What is the difference between short term versus long term gains?”
Check out our free Capital Gains Interactive Calculator, that in just one screen, will answer your burning questions about your stock sales and give you an estimate of how much your stock sales will be taxed and much more. You can also find out if you have a capital gain or loss and compare your tax outcome of a short term versus long term capital gain, whether you already sold or you are considering selling your stock.
At tax time, TurboTax Premier will guide you through your investment transactions, allow you to automatically upload over 1500 investment transactions at once, and figure out your gains and losses. You can also connect live via one way video to a TurboTax Live Premier CPA or tax expert with an average 12 years experience to get your questions answered along the way or have your taxes reviewed. You can also fully hand over your taxes from start to finish to a TurboTax Live Premier Full Service CPA or tax expert all from the comfort of home.
*Note, our Capital Gains Interactive Calculator is for estimation purposes only and does not include all investment and stock situations. In most cases the cost of stock is the amount you pay for it. Cost of stocks sold or acquired through inheritance, gift, ESPP, or RSUs use different costing methods that are not covered in our Capital Gains Interactive Calculator.