2023 Form 8949 - Sales And Other Dispositions Of Capital Assets
Form 8949 is used to report sales and other dispositions of capital assets for federal tax purposes. Taxpayers use this form to detail gains and losses from transactions involving capital assets, such as stocks, bonds, real estate, and other investments.
The form is divided into two main parts:
- Short-Term Transactions: This section is for assets held for one year or less, where any gains or losses are typically taxed at ordinary income tax rates.
- Long-Term Transactions: This section is for assets held for more than one year, which usually benefit from lower capital gains tax rates.
Taxpayers must provide specific details for each transaction, including the date acquired, date sold, sale price, cost basis, and resulting gain or loss. The totals from Form 8949 are then transferred to Schedule D of the taxpayer's Form 1040, which summarizes overall capital gains and losses.
For the current year's Form 8949, click here.