Reporting Capital Gains and Losses

Lecture Content

Different rules apply to the sale of capital and noncapital assets. Gains and losses on the disposition of personal and investment property are taxed differently than gains and losses on the sale of business property. This lecture covers reporting requirements for dispositions of capital assets on Schedule D and individual transaction reporting on Form 8949.

Topics Covered

* Establishing if the character of gain or loss is short-term or long-term
* Holding period
* How to figure gain or loss on the sale of property
* Seller financing of a contract sale
* Treatment of capital losses and carryforwards of capital losses
* Capital gains tax rates
* Reporting gains from the sale of personal-use property
* Overview of Form 1099-B – Proceeds From Broker and Barter Exchange Transactions
* Instructions for completion of Form 8949 – Sales and Other Dispositions of Capital Assets
* How to complete Schedule D – Capital Gains and Losses
* How to figure tax using the Capital Gains Tax Worksheet
* Comprehensive illustration covering the tax mechanics of preparation of Forms 8939, 8949, FinCEN 114, and Schedules B and D

Terms of Use or Enrollment

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