Definition of "Net long-term gain"
The Smith Realtors, Real Estate Agent
Keller Williams Realty Summit Short Hills
In taxation, the excess of total long-term gains minus total long-term losses on the sale of real estate. Long-term classification is for real estate held one year or more. This is reported on Schedule D of Form 1040 (for sole proprietors) or Form 1120 (for corporations).
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