Chapter 14
Capital Gains and Losses: Schedule D and Form 8949
IN THIS CHAPTER
Taking a look at Schedule D
Seeing how Form 8949 fits in
Finding your adjusted basis
Looking at short-term and long-term capital gains and losses
Dealing with the sale of your home, stock matters, and bad debts
Discovering the tax implications of cryptocurrency
If you sell something like a stock, bond, or mutual fund (or any other investment held outside of a tax-sheltered retirement account) for more than you paid for it, you’ve just received a capital gain, and you’ll owe tax on that. Conversely, if you sell that asset for less than you paid for it, you’ve just generated a capital loss, which is tax deductible. Although it may seem unfair, a loss on the sale of your home, auto, jewelry, art, and furniture isn’t deductible. That’s a cruel reality regarding the sale of personal items.
Schedule D is the place ...
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