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If you cashed out on stocks in 2016, be aware of this tax trap
Source:
cnbc.com
- Mar 28, 2017
If you finally cashed in some long-held stocks last year, you'll need to do some detective work — or face a steep capital gains tax.
By now, you should have received most of the tax documents you need to file your return, including a Form 1099-B from your brokerage firm in the event you've sold an investment and booked a capital gain or loss.
There's a catch: Some taxpayers will need to dig up additional documentation on long-held assets they sold in 2016 — namely, the cost basis or the amount they originally invested — or else they may be on the hook for a large tax bill.
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Category: General Business
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