by Kristin P. Sinclair – A Accu Tax – May 24, 2022
You have some stock and you decide to sell and take your profits. Or limit your losses. Folks have various reasons to sell a capital asset at different times. Expect to receive a 1099-B for tax reporting purposes. Well it is a bit more complicated than that. Is your sale short term, some capital asset, you have held for one year or less, or is your sale long term, some capital asset you have for a period at least a day greater than a year.
If you inherited the capital asset, it is treated as a long term asset to you the beneficiary of the capital asset.