The numbers are out and they’re not comforting. Taxpayers spend an exorbitant amount of time and money filing their federal income tax returns each year, and this filing season had been no different. Here are the numbers:
Can anyone say “tax reform”?
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.