Making Taxes Less Taxing!

New Way to Report Capital Gains and Losses

For tax year 2011, if you have a capital gain or loss transaction to report, you will now use new Form 8949.  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.

If you bought and sold securities in 2011, the Form 1099-B, issued by the broker, will now show your basis in the stock. The information on this form will help you to complete Form 8949.

See the instructions for Form 8949 and Schedule D for details.

For more information:

Sales and Other Dispositions of Capital Assets

Form 1040 Schedule D Capital Gains and Losses

Form 1040 Schedule D Capital Gains and Losses Instructions