March 9th, 2012 : New Way to Report Capital Gains and Losses


Mar
9

New Way to Report Capital Gains and Losses


Posted in Accounting Newsletter by Admin


New Way to Report Capital Gains and Losses

New Way to Report Capital Gains and Losses

In most cases, taxpayers now use new Form 8949 to report capital gain and loss transactions. Schedule D, the form traditionally used to show these individual transactions, is now used as a summary sheet, reporting amounts for total sales price, basis and other adjustments for all individual transactions, and for figuring the tax. For securities both bought and sold in 2011, the Form 1099-B, issued by the broker, normally shows the taxpayer's basis.

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