TurboTax 2022 Form 1040 – Enter Stock Gains and Losses
Gains and losses from stock sales are reportable on Form 1040. Generally, these transactions are reported on Form 8949 and Schedule D.
How to Record the Sale of Publicly Traded Partnerships (PTP) Units on Form 1040
Investors in a PTP will receive a Schedule K-1 each year. The investor uses this information to complete their own tax returns. When an investor sells their PTP units, the gain/loss on sale must be recorded and certain adjustments are generally required.
Trader Tax Status (TTS) – How to Report on Form 1040
A day trader may qualify for trader tax status (TTS) for federal tax purposes. The appeal of qualifying for TTS is the taxpayer can deduct ordinary and necessary business expenses connected with that trading business.
US Taxes on Sale of Personal Use Property – New Form 1099-K Reporting Issues
When an individual sells a personal use asset, any gain recognized on the sale is taxable and reported on Form 1040. Losses are not deductible. Payment processing companies are now issuing Form1099-K to report the sale of personal use items.
IRS Form 1099-K and the $600 Threshold
The IRS Form 1099-K reporting thresholds and requirements have been expanded and will now impact millions more taxpayers. So, what are the rules and what do you need to do if you receive a Form 1099-K?
How to Report IRS Form 1099-S on Form 1040
Whenever a piece of U.S. real estate is sold, the broker generally issues a Form 1099-S to report the gross sales proceeds from the transaction. The seller of the real property uses this information to complete their income tax returns.
How to Avoid Taxes with a Qualified Opportunity Fund (QOF) Investment
Taxpayers can defer or completely eliminate capital gains taxes by investing in qualified opportunity funds (QOF). This article and video discuss those tax benefits.
How to File IRS Form 8949 for Qualified Opportunity Zones
The IRS Form 8949 has special reporting requirements when deferring gains on investments in qualified opportunity fund investments. This article and video tutorial cover the reporting rules.