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What is Form 8949?
Not many taxpayers know what is a form 8949. The document is also called the Sales and Other Dispositions of Capital Assets. The template can be used by taxpayers who want to check out the amounts that were stated to them in the 1099-S and 1099-B forms. The sum may be different from the one you report on the tax return. In this case, you have to provide the form and fill the Schedule D as well of the 1040 tax report.
There you will be able to re-calculate the loss and gain for the year. If you have the losses from the investments or the gains you need to report, complete the 8949 form.
The document is widely used by corporations, partnerships, estates, and trusts. However, even individual business owners or self-employed persons may need it. Since you still need to report on the long and short-term capital gains in the 1099-B form, you have to make sure that your own calculations are matching, using IRS forms 8949.
What I need the Form 8949 for?
- You need form 8949 no matter whether you are an individual, or representative of the trust, corporation, or partnership in case you have to report the exchange or sale of the capital asset that was not in the other form’s report. This way you can add the amount to the calculations IRS provides and records for every taxpayer;
- You can use 8949 form IRS to report the gain you receive from the unexpected conversions if they are not theft or casualty. If you have not used them in trade or business you own, complete the form about them. You can even include the non business related bad debts in form 8949 IRS.
How to Fill Out Form 8949?
Read this section to find out how to fill out form 8949 in no time. You have two options when it comes to searching for the template. You can use the IRS official website and you will definitely find the document there, as well as a brief description and instructions. Yet, you will not be able to move further than downloading it on your device. If you want to find IRS 8949 form, enter it, and complete it you need third parties like PDFLiner that has all the editing tools. You will need to open the form and provide the information asked in each section.
Download the 8949 tax form on your device, send it online to the IRS, or print it and send it by regular mail. Provide the following information to the form:
- Put the name and social security number that is also indicated in your tax return form;
- Provide information on short-term transactions. Read the statements in the A, B, and C lines and put the tick in the appropriate box;
- Describe the property you have, including the date when it was bought, and sold, sale price, adjustments, gain, and loss;
- Provide information on long-term transactions. Pick the appropriate statement and put the tick in D, E, or F boxes;
- Describe the property and calculate the total.
Organizations that work with Form 8949
- Department of the Treasury Internal Revenue Service.
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Fillable online Form 8949