MonikaK1
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Investors & landlords

If all Forms 1099-B (or all substitute statements) you received show basis was reported to the IRS and no correction or adjustment is needed, you may not need to file Form 8949. Please see here for the IRS instructions for Form 8949.

 

Individuals use Form 8949 to report the following:

 

  • The sale or exchange of a capital asset not reported on another form or schedule.
  • Gains from involuntary conversions (other than from casualty or theft) of capital assets not used in your trade or business.
  • Nonbusiness bad debts.
  • Worthlessness of a security.
  • The election to defer capital gain invested in a qualified opportunity fund (QOF).
  • The disposition of interests in QOFs.

If the rest of your sale transactions, not shown on Form 8949, are correctly reported on Schedule D, then you should not have an issue with the IRS. Be sure to keep your supporting data in case you ever receive an inquiry from a tax agency.

 

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