My question involves personal finance in the State of: CA
I am considering selling stocks that I was given by my employer, for the first time. Itís been a few years and I would like to cash out. My understanding is that I will have to pay taxes on the capital gains. I believe the capital gains are calculated on the difference between the cost basis and the gain. So letís say the cost basis was $10,000 (which is the value of the stocks, when the stocks were given to me) Letís say I sell them for $100,000, so the capital gains tax that I have to pay will be on $90,000.
Does the financial institution send me a statement showing me what the gain is and the details of the transaction? And since I do my own taxes, so I just input this into turbo tax and it will calculate how much in taxes I have to pay?