How to Keep Tax Records for Charity

"Hi, I'm Tom Choisnet, enrolled agent. No tax presentation would be complete without a little talk about capital gain. Capital gains are the sale of assets, most commonly stocks and real estate. They are given a preferential rate. The holding period in order to get that preferential rate is one year. Stocks must be held only one year in order to get the preferred rate on the tax. One thing that should be noted here on capital gains is that at the end of each calendar year, it's a good idea to review your portfolio and sell off some of the stock losing in order to be able to minimize the effect of the gains on other assets sale. I hope these little ideas help you a little bit on managing your capital gain reporting. Thank you!"