Get the free Form 8949 long-term transactions - TaxConnections

For'1 8949 (2012) Most brokers issue the1r c:. s. ...... is g Fem; 1099-B. They also may provide basis mforrnat10n (usually your cost) to you on the statement even If 1t 1s no-t 1eported to the IRS

How to fill out form 8949 long-term transactions

How to fill out form 8949 long-term transactions?

1. Start by gathering all the necessary information for your long-term transactions, such as the date of the transaction, the description of the property or stock, the cost basis, and the proceeds from the sale.
2. Fill out Part I of form 8949 for all your long-term transactions. Enter the details of each transaction in separate rows, including the date, description, and proceeds. Calculate the gain or loss for each transaction by subtracting the cost basis from the proceeds.
3. If you have multiple transactions with the same description, you can consolidate them by using code E in column (f). This allows for easier reporting and calculation of total gains or losses.
4. After completing Part I, move on to Part II of form 8949. This section is used to report any adjustments or corrections to your long-term transactions. Enter the necessary details, such as the correct cost basis or sales price, and any other relevant information.
5. Once you have filled out all the necessary sections of form 8949, transfer the totals to Schedule D, which is used to report capital gains and losses. Calculate the cumulative gains or losses in the appropriate sections and include form 8949 as an attachment to Schedule D when filing your tax return.

Who needs form 8949 long-term transactions?

1. Individuals who have engaged in long-term transactions during the tax year, such as the sale of stocks, bonds, or real estate, need to fill out form 8949.
2. Taxpayers who have received a Form 1099-B or a substitute statement from a broker or barter exchange also need to report their long-term transactions on form 8949.
3. Investors or traders who have made investments in assets held for more than one year and have realized gains or losses from the sale of these assets must use form 8949 to report these transactions and calculate the capital gains or losses for tax purposes.

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What is form 8949 long-term transactions?

Form 8949 is used to report sales and other dispositions of capital assets, including stocks, bonds, and mutual fund shares, held for over one year.

Who is required to file form 8949 long-term transactions?

Individual taxpayers who have engaged in long-term transactions of capital assets during the tax year are required to file form 8949.

How to fill out form 8949 long-term transactions?

To fill out form 8949, you need to provide details of each long-term transaction, including the description of the property, date acquired, date sold, sales price, and cost basis.

What is the purpose of form 8949 long-term transactions?

The purpose of form 8949 is to report capital gains and losses from long-term transactions to the IRS.

What information must be reported on form 8949 long-term transactions?

Information such as the description of the property, date acquired, date sold, sales price, and cost basis must be reported on form 8949 for long-term transactions.