Form 8949, Sales and Other Dispositions of Capital Assets

Introduction

Form 8949, Sales and Other Dispositions of Capital Assets is used to report sales, exchanges, or dispositions of capital assets, including stocks, bonds, and real estate. For tax-exempt organizations filing Form 990-T, 8949 attachment is used to report capital gains or losses arising from unrelated business income transactions.

In this guide, we'll learn more about irs tax form 8949, providing insights into its purpose, filing requirements, and commonly asked questions.

What is Form 8949?

Form 8949 reports the sale or exchange of capital assets, providing the IRS with details about each transaction.

List of Information

• Date of purchase
• Date of scale
• Cost basis and proceeds
• Classifies transactions as short term (assets held for one year or less) or long term (assets held for more than one year).

Who must file Form 8949?

Form 8949 must be filed by individuals, businesses, and tax-exempt organizations that have sold or exchanged capital assets during the tax year. This includes anyone who has received a Form 1099-B from a broker or anyone with a sale of assets such as stocks, bonds, real estate, or other investments

Choose TaxZerone to complete your Form 8949 filing.

Navigate the complexities of Form 8949 filing with TaxZerone, an IRS-authorized e-file service provider. Our intuitive platform and dedicated support team will guide you seamlessly through every step, ensuring a stress-free and efficient filing experience.

Here's how your Form 8949 attachment is transmitted to the IRS - just 3 simple steps!

1. Provide Organization Details - Choose the tax year for which you want to file Form 8949 return, and provide your organization’s details.
2. Preview Form 8949 - Attach 8949 form to report sales and exchanges of capital assets and preview the information provided in the return for accuracy before transmitting.
3. Transmit to the IRS - Submit IRS Form 8949 along with your 990-T return and receive IRS acceptance within a few hours.

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