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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Capital Gains and Losses
Satisfied Customers: 263
Experience:  Over 20 Years experience in resolving tough tax cases
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Before this year, I reported only half of the Term Capital

Customer Question

before this year, I reported only half of the Long Term Capital gains. Now it seems like all software adds 100% of all gains and then will figure out the benefit for long term against what the tax would have been on the total income. Since I have tried to keep gains to net long term, this seems to not have much advantage to anyone will under $150000 long term capital gains?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  Mark Taylor replied 1 year ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 1 year ago.

You mentioned that the tax software only included 50% of your gains last year. Do you know what your taxable income was?