Capital Gains - Putting it all Together on a Schedule D

So far, we've looked at capital gains and how they're taxed, and we've learned how to calculate the basis of a capital asset. But we haven't really covered how to report capital gains on a tax return. This video is an attempt to rectify that, showing how investment sales are reported on Form 1099B, and what forms you use to report those transactions to the IRS.
To learn about capital gains, click here: • What is a Capital Gain...
To learn how capital gains tax is calculated, click here: • How is Capital Gains T...
To learn all about basis, click here: • What is basis? And How...
Additional resources and information:
IRS Schedule D: "Capital Gains and Losses": www.irs.gov/pub/irs-pdf/f1040...
Instructions for IRS Schedule D: www.irs.gov/pub/irs-pdf/i1040...
Instructions for IRS Form 1040 (contains the Qualified Dividends and Capital Gains Worksheet): www.irs.gov/pub/irs.pdf/i1040...
IRS Form 8949 "Sales and other Dispositions of Capital Assets": www.irs.gov/pub/irs-pdf/f8949...
IRS Form 1099-B: "Proceeds from Broker and Barter Exchange Transactions": www.irs.gov/pub/irs-pdf/f1099...
The Tax Geek on Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image Credits:
Pexels.com
The image of "Martha" was generated by thispersondoesnotexist.com and any resemblance between her likeness and any person, living or dead, is incidental and not intended.
Intro Music: "Bluesy Vibes" - Doug Maxwell - RUclips Audio Library
Outro Music: "Modern Attempt" - Track Tribe via RUclips Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The information in this video is current as of date of publication, and is subject to changes.

[@tony1nvy]

Very Helpful. Thank you!

[@JohnDickDingleJR.]

Wow I’m glad they make it so simple -_-

[@nefertitei12]

very informative... I was terrified of this document. Thank you sir... new subscriber!

[@TheTaxGeek]

Thanks! and Welcome! The whole concept of reporting capital gains can be intimidating, and it's going to involve more people with things like Robinhood and cryptocurrency.

[@Team8LA]

Thank you! Can you please show the flow from small business to the tax forms? Say, if I work for Toyota lease cars, how do Toyota report income? How the business who leased the car report expense? TIA!

[@TheTaxGeek]

To get a general view of how business taxes work, you might want to check out this video: ruclips.net/video/UCsCIxyElcE/видео.html
The resources in that video's description can also be very helpful in that regard.

[@whoshotya117]

Can I just mail the IRS my 1099 B instead of sending an 8948 and Schedule D? Or Maybe a Schedule D in combination with the 1099 B? I have too many transactions for the 8949 form.

[@TheTaxGeek]

If all your transactions involve "covered" securities (transaction types "A" or "D"), you can put the total of the short- and long-term transactions directly on the Schedule D. The IRS already has the detailed information on the transactions. If you have "non-covered transactions" (types "B," or "E), you can put the totals on an 8949 and put "M" (for "multiple transactions") in the adjustment column (f) and send the brokerage statement to the IRS. For a paper filed return, the statement is sent with the return. For an e-filed return, the brokerage statement is mailed separately with Form 8453, or attached to the return as a PDF.