The IRS requires taxpayers to report their income from any capital gains in order to collect the proper amount of income tax. When an individual, partnership, or corporation sells a capital asset, a capital gain (or loss) is generated-this must be reported to the Internal Revenue Service. Learn more about how to fill out Tax Form 8949 below. With a few key instructions, you can easily report your capital gains and losses in your next tax filing. Up until 2011, you could total your transactions on Schedule D these days, you may be required to list them separately using Form 8949. This is an IRS form used by individuals, partnerships, and corporations to report both short- and long-term capital gains and losses from investment exchanges and sales. If you must report capital gains and losses from an investment in the past year, you’ll need to file Form 8949.
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