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Frequently Asked Questions

When to use 8949?

Use Form 8949 to report the following items: The sale or exchange of a capital asset (defined below) not reported on another form or schedule. Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit. Nonbusiness bad debts.

When is form 8949 required?

Anyone who sells or exchanges a capital asset such as stock, land, or artwork must complete Form 8949. Both short-term and long-term transactions must be documented on the form.

What is reported on form 8949?

Form 8949 is an Internal Revenue Service (IRS) form used by individuals, partnerships, and corporations to report capital gains and losses from investment activity. Taxpayers must use Form 8949 – Sales and Other Dispositions of Capital Assets, to report short- and long-term capital gains and losses from sales or investment exchanges.

What are covered securities 8949?

Covered Securities and Form 8949. Investment sales are also segregated into covered and noncovered securities using Form 8949. This is a tax form that itemizes details regarding the sales of stocks, bonds, and other capital investments.

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