How do I figure out capital gains tax on a property that I gave to my daughter?

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To figure out your capital gains on a property, you can use TurboTax Premier which is our ideal product for your situation.

   When you log in to TurboTax online -> click to the Income on the left side menu -> select Investments > Capital Gains and Capital Gains Deduction sections - Here you can enter the amount.

• For capital gains, 50% of the total is transferred to line 12700 of your tax return as your taxable capital gain amount.
• For capital losses, allowable losses may be used to offset gains within the current year, up to three years prior, or carried forward to future years, depending on the situation.

You can also reach our TurboTax article to determine What are capital gains and losses?

In addition, there is an exemption for reporting the sale of your principal residence so you don’t have to pay tax on your capital gains.

If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter