Can You Trust Your Tax Reporting to Just Any Cost Basis Calculator?
How Do I Calculate My Capital Gains?
To calculate your capital gains, you first have to accurately calculate your adjusted cost basis. To start this calculation, you need the original purchase price you paid or the valued price for a stock or mutual fund on that specific day. From that day going forward, the cost basis can be adjusted for reinvested dividends or for corporate actions (splits, mergers, spin-offs) that occur during the time you own the shares. Then, your capital gains can be accurately calculated using the adjusted cost basis.
How Can Netbasis Help?
Netbasis is an online capital gains tax calculator that will adjust the acquisition price of your stock for splits, spin-offs and mergers and dividends reinvested (if you participated) and other corporate actions that may have occurred during the time you owned the security. It will then calculate your gain/loss tax responsibility even if you don’t have all of your investment information or if you acquired your shares decades ago. Netbasis will instantly give you a report with your gain/loss, sales proceeds and cost basis.
Why is Using Netbasis Important?
Netbasis was used by the IRS in an audit study of investing taxpayers. After Congress passed the Cost Basis Legislation, it is now more important than ever before to accurately report your capital gains taxes. Trusting random websites that make false claims about accurately calculating your capital gains taxes can be risky when reporting to the IRS.
NetWorth Services is excited to introduce to you the next generation of our award-winning cost basis application, Netbasis. Come see for yourself! You can freely search securities along with their CUSIP, ticker, start and end date. In addition you can try out all the newly enhanced features in our Trade Activities UI. Experience the future in cost basis reporting & analysis.
“What Information Do I Need To Start Using Netbasis?”
Netbasis has all of your security’s corporate actions (splits, mergers, spin-off, etc), pricing and dividend information. Netbasis requires only a minimum amount of information from you to calculate your cost basis. After identifying the original security you acquired, you just need to enter the following information:
Enter the date(s) for shares you acquired (purchased, inherited or received in a spin-off). Then enter the date(s) for the shares you sold.
Enter the number of shares for every acquisition. Then enter the number of shares for every sale.
You don’t have to enter every dividend. Just click “Yes” if you reinvested dividends for the entire holding period or enter the “Start” and “End” dates if you didn’t.
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