Use Netbasis To Make Sure Your Capital Gain Taxes Are Done Right
What is Netbasis
When you sell any shares and have to report the capital gains tax, first, you have to calculate your adjusted cost basis. Which means that the price of the stock when you acquired it has to be adjusted for corporate actions, such as splits, spin-offs and mergers and dividends reinvested (if you participated) that occurred during the time you owned the stock. Netbasis easily calculates your adjusted cost basis even if you don’t have all of your investment information or if you acquired your shares decades ago.
How Does Netbasis Work
Netbasis has all of the stock or mutual fund history of corporate actions, pricing and dividends in our system. All you have to do is:
- Enter the date(s) you acquired your shares, (you can enter as little as the year if you don’t have the full date) and the number of shares.
- Enter the sale date(s) and the number of shares sold.
- If you reinvested dividends for the entire time you owned them, just click “Yes” or enter the start and end dates if you started and stopped within the holding period.
- Then just click “Get My Report” and you will instantly receive your Cost Basis Report.
Why is Using Netbasis Important
Netbasis was used by the IRS in an audit study of investing taxpayers. Since Congress passed the Cost Basis Legislation, it is now more important than ever before to accurately report your cost basis. Trusting random websites that make false claims about accurately calculating your cost basis can be risky when reporting your gain/loss to the IRS.