Any tax experts? Confused by Schedule D

[janinegirly]

Boring Topic Alert!!

Just thought maybe we had a few tax accountants here--although this is a simple question. If I have capital gains (stock sales) and completing Schedule D (short term gains)--I know that I put the sale price in column D, but I''m confused by cost basis. I''m assuming it is the original price of the stock at time of purchase. If so, and I''m subtracting column D from E, that gives me the gain per share. If I''m to total that, shouldn''t I also be multiplying gain per share by # of shares sold? I don''t see a column for that--should I just put it in myself? Kind of confused how to get to the bottom line based on instructions on the form (I know how to do it on my own but they seem to be instructing something different).

Thanks!

 

[Kay]

For stock, the cost basis is the price you paid, including both the price per share and any commissions paid. Columns d and e do not indicate price or cost basis per share. So, if you bought 10 shares at $3 per share, and sold all 10 shares at $5 per share, I would put "10 shares X Co. common stock" in column a, $50 in column d and $30 in column e. Then your total gain of $20 would be in column f.