Transcription of Income – Capital Gain or Loss
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Income – Capital Gain or Loss
Income Capital gain or Loss10-1 IntroductionThis lesson will help you assist taxpayers who must use Form 8949, Sales and Other Dispositions of Capital Assets, in conjunction with Form 1040, Schedule D, Capital Gains and Losses, to report Capital gains and/or losses on the sale of assets. This lesson includes topics on the sale of stock, mutual funds, and the sale of a personal residence. If the taxpayers have sold any other assets, refer them to a professional tax preparer. This lesson will help you identify the asset s holding period, adjusted basis, net short-term and long-term Capital gains or losses, the taxable gain or deductible loss, the tax liability, and the amount of any Capital loss carryover. The intake and interview sheet asks about Income from the sale of property such as stock, bonds, virtual currency, or real estate.
– Short-term property is held one year or less – Long-term property is held more than one year – Long-term capital gains are taxed at a lower rate than short-term gains – Brokers must report whether the gain or loss is short-term or long-term on Form 1099-B, unless the securities sold were noncovered securities • Proceeds from the sale:
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