# @turbotax on YouTube

- **Type:** Video
- **Original URL:** https://youtube.com/watch?v=YAZ7rhIRGxw
- **Gondola URL:** https://gondola.cc/posts/66830356-turbotax-youtube
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/9374d1b942.jpg
- **Posted:** 2026-06-09T18:00:04.000+00:00
- **Account Owner:** Intuit TurboTax (@turbotax) — https://gondola.cc/turbotax

## Caption

Learn about when the capital gains tax applies. The capital gains tax only applies when you sell a capital asset for a profit. We’ll walk you through how to calculate your profits and effectively report them on your tax return. https://turbotax.intuit.com/tax-tips/investments-and-taxes/5-things-you-should-know-about-capital-gains-tax/L0m06D9lI

00:00 Intro
00:08 What Is A Capital Asset
00:20 Taxes on Capital Assets
00:30 How To Calculate Your Profit

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FAQ
What exactly is a capital asset?
A capital asset is essentially any property you own. While the list of capital assets is endless, common examples include your home, car, stocks, and even your personal furniture.
https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-schedule-d-capital-gains-and-losses/L1bKWgPea

How do I calculate my profit for the capital gains tax?
Calculating your profit is straightforward: it is the difference between what you paid for the asset and what you sold it for.

Example: If you purchase a stock for $5 a share and later sell it for $8, your profit is $3 per share. This $3 profit is the amount subject to the capital gains tax. https://turbotax.intuit.com/tax-tips/investments-and-taxes/guide-to-short-term-vs-long-term-capital-gains-taxes-brokerage-accounts-etc/L7KCu9etn

What is the difference between short-term and long-term capital gains tax rates?
The rate you are taxed depends entirely on how long you held the asset before selling it:

Short-term capital gains: If you sell an asset within the first year of buying it, you will have to pay a higher short-term capital gains tax rate.
Long-term capital gains: If you own the asset for over a year before selling it, you will typically pay a lower long-term capital gains tax rate.

Where and when do I need to report the sale of a capital asset?
When it is time to file your tax return, the IRS requires you to report any capital assets you sold for a profit during that year. These profits must be reported specifically on Schedule D of your tax return.

File Taxes Confidently: https://turbotax.intuit.com

Watch More!
Newest Videos: https://www.youtube.com/playlist?list=PLFp3vOMRjJ0UDjdDOm_xf34wM8M02QdyX
Taxes FAQ's & How-Tos: https://www.youtube.com/playlist?list=PLFp3vOMRjJ0XeTa2-hDiZbn9hQHrhogy_
How to File Your Taxes: https://www.youtube.com/playlist?list=PLFp3vOMRjJ0UjyRJBSn7-5WDGYA64o3iQ

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TurboTax offers a variety of services, from filing your own taxes to getting expert advice, and even having someone file on your behalf. Our channel is here to answer your biggest tax questions and help you navigate the filing process with confidence.

#TurboTax #Taxes #Finance

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## Tags

finance, turbotax, taxes

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