Can Form 4797 Dictionary 2023-2024

Music, applause! Welcome this week to my beginner's guide to capital gains tax. A tax that hits most investors on most assets sooner or later as soon as you try and sell them, making some money. Capital gains tax comes to haunt you, so that's an important area and we'll be covering it over three videos. In the first video, I want to talk a little bit about the scope of capital gains tax, what kind of people get caught, and on what kinds of deals. In the second video, I'll lay out a very basic calculation pro forma as an introduction. In other words, I'll show you roughly how you go about calculating a capital gains tax liability. There are one or two ways you can reduce it or it's useful to know in tax terms. In the third video, I will talk about shares and the share matching rules specifically, because quite a few of you out there for investors will be most interested, I suspect, in the rules as they apply to shares because that's something we all buy and sell quite often. So, no more ado, let's get on with the first video and what is the scope of capital gains tax. What is taxed by this thing called capital gains tax? Now, the answer contains some rather old phraseology. Tax people don't talk in normal English, so here's a bit of tax definition for you. Capital gains tax is paid by a chargeable person making a chargeable disposal of, wait for it, a chargeable asset. So, if you have a chargeable person making a chargeable disposal of a chargeable asset, the answer is there will be capital gains tax to pay. Alright, for video one, rather than worrying about how much, trying to work it...