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Capital gain tax.



Brokerages are required to report sales of securities and cost basis information to the IRS when you sell. The IRS already has information about your capital gains and can fill out that part of the return as well.


If you bought the asset before like 2010 they don't have cost basis info. Believe it or not people sell assets bought in like 1970 and report that on their tax forms. Full automation is a ways away...


The parent post was talking about the UK. CGT requires a tax filling (if you have CGT in excess of the tax free allowance).


Not sure what your point is; this is a thread about tax filing in the US, and the parent was comparing it to the UK. You, referencing capital gains tax, were (I assume) referring to the US? So was I.


The first £10k of capital gains is tax free in the UK and that covers virtually everyone. The vast majority of people have no capital anyway (your home does not count, and cars generally do not appreciate).




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