Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I know that I should include the usual disclaimer that congress always can come in and change the rules again. Still, I think that seeing the larger picture may save you from spending an inordinate amount of time worrying over the tracking of your expenses.

I would expect that Congress WILL change the rules. They have twice in the last 10 years already. Since the general rule for any capital asset is that your gain is your sales price less your adjusted cost basis, you should always be able to determine your adjusted cost basis.

Besides, the current rules don't tell you not to make the calculations. They only state that if the taxable gain is less than $250/500K and you meet certain conditions, you do not have to report the gain.

Ira
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.