Reporting Capital Gains on IRS Form 8949 and Schedule D

[@humansbeingbros12]

First, you calm voice just takes the anxiety away. Thank you for your willingness to share.

[@CmdrMic]

Hi! I just wanted to say, how much I enjoyed your videos. I have a masters in teaching and many years at it, and I must tell you - YOU ARE A WONDERFUL TEACHER. Absolutely marvelous, easy, and enjoyable to watch, very clear and easily understandable. I really appreciate your efforts and help in trying to explain the absolutely RETARDED nature of the U.S. tax forms. All the best, and again, with much thanks!

[@julioczar6470]

Doing taxes hurts my soul and kills the youthful optimism in me :(

[@kjohnson7812]

This video is short sweet and to the point. None of the information you don't need. Thank you!!

[@Kamsees]

Great. Simple. I think I've moved from over my head to pretty much knowing which blanks to fill out and where the items come from.

[@BradKwfc]

I have four pages of 8949 filled out: -Do I need to number the pages? -Do I put the totals in only on the last page?

[@frankhouck4446]

One question- for daytrading, there will likely be hundreds or even thousands of stock positions held and sold during the year. I know there are more in depth conversations like wash sales to be dealt with, but how do we handle form 8949? Assume the day trader does not have trader status but does have 800 positions held and sold from 2021. 1. Do you have to list ever single position? 2. Just a total from each different stock held? 3. Just submit 1099B? 4. Where is 8949 computation placed on 1040?

[@WiFiGuy]

Great video. I was gifted stock and the brokerage that transfered it to me has no cost basis info because it was purchased by another brokerage and the relative who gifted it to me is suffering from a brain injury and dementia. My tax professional says if I don't make an attempt at finding the cost basis the IRS will come after me. What can I do?

[@TheToxicTank]

Damn F & G were the reasons I sat through the video to learn that we aren't going to worry about them in this video. Do you enter the amount in 1f display on the 1099-B or type in the total loss? This is needed every time you wash sale. Tons of people use columns F & G. Thanks.

[@TrangNguyen-sp8rb]

I got the same problem too. my wash sale is only $5 and now, I have to spend more than 1 hour to type all again transactions

[@Pteromandias]

Skipped over the very thing I was looking for, f and g. I have a transaction that was reported on 1099-B with the adjusted cost basis, but did not incorporate a negative dividend (it was a short position on SPY that was open over an ex dividend date which resulted in a dividend payment and a negative amount on 1099-DIV 1a, 1b, and 5). Since the position was only a duration of 4 days, I can't itemize it, but I was told I could do a cost basis adjustment on 8949 using code L. Is this correct?

[@Pteromandias]

And do I check box A or B? The basis accounted for all the options positions, so that was reported (A?) but the dividend was not included in that adjusted basis, so it was not reported (B?)

[@lordbeerus3383]

Best explanation I've watched so far.

[@user-de1of7fe9d]

Great but I think you made a mistake by filling out Part 1 instead of Part 2 for the sale of GM stock (around 4:00 mark) which was a long term investment since over a year.

[@xXAnthony619Xx]

You the man! Thanks for running me through this new process for myself!

[@wenjunwang7365]

Thank you, but as an active stock trader, I may place hundred of trades per month, therefore my 1099b normally is 100 pages. It’s almost insane amount of work if I calculate each trade

[@BabyGangsterIsMe]

that's why turbo tax is there for u

[@tactteam00]

@@BabyGangsterIsMe Yes, but TurboTax doesn't have an option to pay taxes quarterly. So if you've made over $600 in proceeds from trades, you're stuck doing it manually, or using TurboTax at the end of the year and getting dinged for a late filing.

[@Kamsees]

What do you do then?!

[@EnterTheMatr1x1337]

@@tactteam00 wtf? Quarterly?

[@ci6516]

@@EnterTheMatr1x1337 idk what he means . Also services like free tax usa let you enter a summary . I literally entered like 5 numbers and then u mail the IRS your form 1099 you get from your brokerage and that’s that . You don’t have to enter each transaction, only total sales and total buys , capital gains , losses , wash sales . Then you mail 1099 to confirm everything. Free tax USA is literally free unlike turbo tax that charges like $80 for capital gains even though by law they shouldn’t be if you make less than 72k a year in income .

[@Dsuji245]

Hi, I need to know (f) and (g), because the base is not right. I will enter the code b. Then I will figure out the adjustment of the base. The base I have is different from the base on1099B. Can I correct it? The instruction says I can correct it.

[@jessetownsend4955]

Thanks for the great explanation. I assume I can just print another page or ten if I have more than 14 short term sales for the slots available for short term section of 8949?

[@HolySchmidt]

Yes, absolutely

[@wilkensgarance]

My CPA in 2019 just wrote Various for both the description and days bought and sold and reported the total amount that were on the 1099 : just one line for all (but maybe that was because it was from funds?)

[@StevenMilholland-m5j]

What if all my shares were purchased in very small incremental amounts of a period of years? How do I records those 100's of purchases? Can I average the prices paid?

[@darkcornholio]

i have a few hundred transactions for which cost basis was not reported to the irs. do i have to list each transaction separately?

[@ekop1778]

yes u do i did

[@DevonVereen-cy5ot]

My family has an S-Corp. It is real estate holdings consisting of approximately 30 acres of land and worth $300000 tax value. The business operates at a lost each year and does not make any money, however this year we sold 1.5 acres for $15,000 or the tax value of the property and we are NOT distributing money to shareholders. We simply converted the 1.5 acres to cash ($15,000)and the value of the property is equal to the same except that we are less 1.5 acres and we have cash instead of the acreage. We want to confirm that no taxes are due on the sale to shareholders since we are NOT distributing the cash. Do we need to fill out any forms or report anything since no gain or loss?

[@pappu2405]

Great Video, how to do we record an entry that was bought but not SOLD but instaed moved to other wallet and shows as "SENT" on coinbase ?

[@frankalbani2884]

Thank you for the video. Very informative. Did not receive a 1099. Do you know how to figure out estimated cost basis?

[@amandachang5083]

I have the same question.

[@RobinPoe-s4s]

Do you have a video for inheriting a house that fixed up and sold?

[@vascularfellows9864]

Taxes suck

[@Billy-vs4pr]

what about the options trade??? It is the same?

[@TRaGiC1068]

Form 1099-B may contain incorrect taxable gains when stocks are sold. Look at the cost basis. It is often too low or sometimes zero. I guess in 2015 they changed how things are reported and you may be taxed more than you should.

[@akalksander9184]

On form 1040 line six it asks you to enter the capital gains or losses. If you have losses do you enter that number on that line as a negative number? These are short term llosses w/ form 1099 where cost basis was reported to the IRS.

[@HolySchmidt]

yes loses would be a negative number

[@lauramassena293]

Where on the form for long term capital gains can you see you received the $89000 exemption for MFJ?

[@khayyammohammed9264]

My 1099-B has "basis not reported to the IRS". How do I report this sale to the IRS

[@susetterd]

I received a 1099K form from eBay. Which for would I use to show profit or loss? I researched and could only find mention of 8949 and Schedule D. TY

[@chantellsims2199]

Hi on the 1099 B it says reported for some lines to the IRS. It also say not reported to the IRS. Do I just put reported and not reported? when I entered everything it took the refund down.

[@tonyjones6148]

I have 1099-B with hundreds of sell short option trades that expired worthless. Do I have to report each single transaction on Form 8949 or not? Can I aggregate those on 8949 or schedule D directly?

[@Mdnewazhira]

Hi I did my own tax! And i just filled out the Schedule D I didn’t do 1099B(form 8949) Is it mandatory to do or should I also send the 1099B form to IRS?

[@francinej7233]

That's my question

[@susetterd]

That's my question too

[@abrotherinchrist]

What about day trading or swing trading, where you have a hundred transactions and maybe you've dollar cost averaged so each individual transaction doesn't line up? Do you total all similar investments together and aggregate them?

[@alx321g8]

Hi. Is schedule D and form 1040 the same ? If they are not what are the differences ?

[@nancyjm79]

Thanks. How do I know if I need to fill this out or can just fill out Schedule D?

[@madej1858]

Hi. What if I want to do a summary . I have 3 sections in one form with the summary. Do I enter the same way? Do I also have to report the ones that says not reported to the IRS? Thanks

[@nancypantano1809]

Just stumbled across this video. Thanks for the information. I have a problem, though, and maybe you could give me hope. lolol I filed my own taxes last year (2022) and forgot to include a large capital loss from stock. I didn't have any gains and I had no taxable income on line 15. My question is: Do I have to file an amended 2022 form, or can I simply make note of it and start taking my $3,000 credits (unless I have capital gains in the coming years) beginning with my 2023 form?

[@pradneshmalgunkar4770]

how do you report "Wash sale loss disallowed" column from 1099-B on form-8949?

[@HolySchmidt]

Thanks did you sell and then rebuy within 30 days?

[@johntousley6212]

If the property is land, how do you describe it on 1(a) on page 2? For instance, if it were a home, do you state something like "single-family home at 123 Bliss Lane, NY, NY?"

[@MRLEGASYGROUP]

IF I DID STOCKS AND CRYPTO , HOW MANY SHCEDULES D I NEED TO FILL OUT?

[@ekop1778]

i think 1 page

[@killahaqua1631]

What about Stock Sales with code V included in W-2 box 12? 1099-B shows basis and sale proceeds, but how do you take into account the amount listed in W-2 code V? Do you add the amount listed in V plus cost basis listed in 1099-B then subtract the Proceeds to arrive at gain/loss? Also, what if 1099-B shows both short term and long term sales...how does V affect the reporting on Schedule D? Thanks!

[@HolySchmidt]

This is a complicated one, but usually, code V in box 12 of the W-2 indicates income from the exercise of stock options (non-statutory). Per IRS Code V-Income from the exercise of nonstatutory stock option(s). Show the spread (that is, the fair market value of stock over the exercise price of option(s) granted to you with respect to that stock) from your exercise of nonstatutory stock option(s). Include this amount in boxes 1, 3 (up to the social security wage base), and 5. As the amount is already reported in box 1 (wages, tips), which flows to line 1 of the 1040, there is no need for the amount in box 12 to flow to another section of or supporting form for the 1040. This is one you should definitely spend some time with your accountant on if the above sounds complicated to you

[@michaelwhitehead1373]

OK, how about day traders that have numerous transactions for the same stock with a day, or few days , or even weeks, .... trading same stock multiple times with differing lengths of time. Can we aggregate (add them all together) with the first day it was traded to the last day it was traded (e.g. May 1 to June 31 $500,000 cost and $700,000 disposed/closed? I would appreciate your kind response!

[@fishingwithvance]

Thanks very much for doing this video. Your channel is awesome.

[@dhruv1562]

Do you report each transaction separately on form 8949? For Example if I bought and sold stocks of Apple multiple times during the year do I need to show each transaction separately or I can combine all transactions for Apple and report on the form?

[@dbluehorsedeboe5567]

Do i fill in the Capitol gains distributions from my 1099-DIV (Summery of reportable tax information) to the schedule d form on line 13? I’m doing an amendment. Do you also have a video on part 3 of schedule D?

[@HolySchmidt]

Hi Danielle, thanks for your note. If I understand your question correctly you are asking if your dividend goes on line 13, correct?

[@dbluehorsedeboe5567]

Holy Schmidt! Yes, the amount on line 2a from the 1099-DIV and list it on line 13 of the schedule D?

[@HolySchmidt]

That is a good idea. I’ll try to post

[@faithhopeloveislife]

Great video. One question though, if I bought the same stock 3 different times, at different quantities , and at a different price. Then I sell all quantities of it. How do I list the buy price? Thank You

[@samson2322]

What should you do if you run out of lines on form 8949? Can you just report totals from 1099B?

[@benmatheny9493]

I traded all year but no job and no net Stock profit. So on 1040 im not sure what to put as income.

[@bretthinson8478]

My stock sale was from a privately owned company. No 1099-b. I completed the Form 8949, but how would I get the information into Schedule D? Do I need to send the Form 8949 to the IRS? how does that work when you file electronically?

[@ekop1778]

YES YOU SHOULD SEND IT OUT WITH YOUR 1040 I GUESS YOU HAVE TOO ADD CAPITAL GAINS TAX AND LOST FORM TOO ADD BOTH TOO YOUR 1040

[@RozanneCook]

how to report goodwill from the sale of a business. Thanks,

[@mytravls]

I like your explanation and the pace of the video. 🙏

[@HolySchmidt]

Thanks for the feedback!

[@HolySchmidt]

Thank you so much!

[@Anthus.]

What is a wash sale loss? Does a "disallowed loss" mean it's not reported to the IRS, that it's not tax deductible, or something else?

[@MooreCashFlow]

In the beginning, you said part I was for the short-term, but in the example, you entered an asset that you held on longer than a year. I am a bit lost.

[@HolySchmidt]

Part 2 is for long term capital gains but they are largely the same line items

[@Resist4]

I noticed this too. He put a long term stock on the short term Part I page. I get that both pages are basically the same but the correct short or long term stock should have been put on the correct 8949 Part I or Part II page.

[@valerietromble581]

My father died in 1971 I inherited his land which I just sold for 48,000 what percent do I need to put aside to pay taxes I’m on as I get 27,000 a year and work part time I made 17,000

[@valerietromble581]

That’s not as but its ss

[@myname-de2oy]

can i just put my total gain in the box theres not enough lines to write every stock i bought and sold

[@BabyGangsterIsMe]

use turbo tax, they will do it for you. Nobody types it down

[@EnterTheMatr1x1337]

@@BabyGangsterIsMe will HR block do it automatically? They did my 1099B

[@BabyGangsterIsMe]

@@EnterTheMatr1x1337 the only time you hire them to do it is when you own a lot of houses ...and u let someone rent it or businesss ...íts complicated ..if your tax is simple, u only need to buy turbotax software and do it by yourself.... make sure you buy PREMIER one...bc basic one won't allow you to fill out stock section

[@Resist4]

I just e-filed my taxes using Credit Karma. I sold 3 stocks last year for around $300 total. The software used Schedule D and not form 8949. I'm confused as to why it did this. Was it supposed to use form 8949?

[@ekop1778]

yes

[@haridahal7705]

Quick question: if these 100 shares of GM were to be sold like 25 shares on 11/31/2019, another 25 on 12/10/2019 and 50 on 12/21/2019, Should I report one by one on form 8949 making 3 lines. Appreciate it if you get to see and reply to my message. 😄

[@HolySchmidt]

That would be easiest, because you would have different sales prices

[@mikepiach231]

I read somewhere that if you have multiple purchase and sales of a single stop on your 1099 that are summarized you can just enter the summary numbers but then you have to mail your 1099B to the IRS. Is this True? I ask because I am having trouble importing my 1099B from Apex into Turbo Tax.

[@JustDoit_haesavo]

I wonder about it too. I have lot of transactions which will be takes hundreds hours for fill it out;;

[@ralphpinney8861]

You talk mostly about stocks and collectibles. If I buy & sell real estate do I use form 8949?

[@arespunishers]

Clear as water!! No bs around like the other videos, right to the point. Thanks! I just subscribed.

[@HolySchmidt]

+arespunishers welcome!

[@bandoscriptent]

What if I only sold a percentage of a stock?

[@stylicho]

The paperwork you get back in the 1099b explains everything but I guess the IRS wants you to fill it out on paper too for some reason?

[@onaiwuh]

Hello. I have a court order on my child support case consigning my 8949 form type received from robinhood, there was mistake made stating that I own assets worth over $432,035.03, if this is not an error or a misunderstanding on my end an explanation would save me in thousands of dollars in back pay on child support. Thank you.

[@DK-qj7cr]

TFS...how would I list sale of home? My siblings and I sold our family home in 2019...my dad died in 2012...it was not rental property it just sat for 7 years...we divided the proceeds 4 ways how do I list the figures?🤷🏼‍♀️🤦🏼‍♀️

[@HolySchmidt]

Who held title to the home?

[@DK-qj7cr]

Holy Schmidt!:after our dad died in 2012 the home was deeded to the 5 of us, one sibling died and the deed was in 4 names

[@HolySchmidt]

Do you know your basis?

[@DK-qj7cr]

Holy Schmidt! :at time of my dad’s death house was about 177K+

[@HolySchmidt]

D K. There isn’t an easy form from the IRS on this, but the IRS is pretty good about an explanatory note. (All caveats on this next statement please) some people would divide the basis by 4 and the sales price by 4 factor and divide the untaxable portion by 4. This would be similar to treatment by “partners” on the house

[@harrycash8713]

I think you're profit was $500 not $400. My question is at the bottom of 1099 B's there's covered and not covered sections how do you differentiate between those two

[@noel888]

great info....For the first time in over 45 years I finally sold some shares this past Dec. because of the pandemic. My 1099-B only shows the amount that I wanted, nothing else at all. I and my brokerage house have no record of what I bought that fund for, 30 years ago, with the exception it being transferred from previous brokerage houses, that they could only go back to the year 2004. Also, there were reinvested dividends involved...Tax preparers when told of my situation, they all say the software would take care of my situation. How could that be, if they have no figures of when i originally bought that fund?

[@HolySchmidt]

Sounds like a question for a CPA that is willing to do some research for you

[@chrisgrant647]

Do you have a run down of the Schedule D as it pertains to the sale of real estate and deprecation recapture?

[@HolySchmidt]

No but that is an excellent idea

[@chrisgrant647]

@@HolySchmidt I would love to see that! I have a ton of friends in the commercial real estate space, and there is a lot of misinformation as far as capital gains, and specifically depreciation recapture.

[@HolySchmidt]

Terrific. Look for it soon!

[@SM-ex3cm]

what's a b and c form?

[@dannysuskey4912]

I'm needing to know how to report line 1d proceeds. It is from unclaimed property division. I do not have a date acquired or a date sold. The only thing they filled in was line 1d. I have no other information on the form 1099-B. Could you please help me on how to report that amount?

[@HolySchmidt]

Do you know the year acquired and sold?

[@LifeinDigitalFilms]

And what are adjustment codes and how do they apply ? I see various adjustment codes but I’m not sure which code to assign to each of my stock entries from 1099B. Help please :)

[@LifeinDigitalFilms]

I’m using TAXACT software

[@nicarao11]

2:47 form 1099 b. Thank you!

[@brians4580]

I have long term capital gains (1 stock), but I don't see where I can adjust it to 15%. I only see on the 1040 line 6 where I add the total gain, but then this amount gets added on to income and is taxed at 22% which is my tax bracket. How do I adjust it so I am paying the 15%, not the 22%? Thanks

[@HolySchmidt]

Hi Brian, are you using software such as TurboTax?

[@brians4580]

@@HolySchmidt Thanks for the reply. No, I am doing it by hand.

[@daisyj5679]

@@HolySchmidt I have the same question. I don't see anywhere on Form 8949, Sch D or Form 1040 allowing me to calculate long term capital gain using a 15% tax rate. Thanks!

[@Thelilantjr]

Do investors have to actually document every transaction that had made!??! Or is all that already included in the 1099 b that the brokerage provides to the investor? Also if I had gains in 2019 and lost them in 2020 and sold them, would i still have to pay taxes on those gains? I never took the money out of my brokerage.

[@HolySchmidt]

Ordinarily you would have to list each security. Re the gains yes you would need to pay taxes on the gains i. 2019, but you could claim loss (subject to limits) in 2020

[@Thelilantjr]

@@HolySchmidt do I have to document them specifically or is it already included in the 1099 b

[@HolySchmidt]

It depends on the number. Most of the time (unless you had hundreds and could provide a separate spreadsheet) You would need to provide them individually

[@EXPLOSIVEXPLOSION]

What if you sell a stock but then buy a stock with the same money within, let’s say 2 weeks (the money never left the brokerage firm), do you have to report those? Is that amount taxed even if all the money earned is put back into another stock and not liquidized?

[@HolySchmidt]

Yes that is still a reportable event to the IRS

[@OrlanCEO]

My dates says "various" with no sale date

[@kylemertz7949]

Do you pay long gain and proceeds in full or do you minus them to determine profit or Los and that is what is taxed?

[@Partsunknown426]

Hi and thanks for posting this first of all. but do you know of a tax software an average joe can buy that will import and calculate the stock trades from the broker?

[@HolySchmidt]

I’m told by Turbotax that you can upload up to 1500 trades from your broker, although I have never attempted it.

[@josetouset1410]

If you invest with a brokerage firm (Fidelity) and you never receive or touch your gains, does that affect your taxes at all?

[@nabeelboktor8548]

No, If you do not sell them, you don't have to report them in your tax return

[@domenicrossi2659]

Well done. Thank you.

[@HolySchmidt]

Thank you Domenic.

[@mary-janechambers3596]

Thank you for making it simple!

[@lesseirgpapers9245]

How do you apply the wash sales?

[@robertwilly4524]

Thank you Schmidt for your video. I see page 3 of "2020 instructions for Form 8949". It said:"Exception 2. Instead of reporting each of your transactions on a separate row of Part I or II, you can report them on an attached statement containing all the same information as Parts I and II and in a similar format (that is, description of property, dates of acquisition and disposition, proceeds, basis, adjustment and code(s), and gain or (loss)). Use as many attached statements as you need. Enter the combined totals from all your attached statements on Parts I and II with the appropriate box checked." This method is easier than to fill Form 8949, but I am not clear where the statement is from. I only receive a consolidated 1099B form from TD Ameritrade. Can you or someone else show me a sample statement for filling Form 8949? Thanks

[@roberthatem3431]

This explanation is great, thanks Geoffrey

[@jamesod347]

I have about 1400 stock sales to report. Unfortunately my tax software (TurboTax) has a limit on the number of sales that can be imported into their software from the brokerage house. Do I need to enter each of the individual sales line by line into the software as described in your video? Or is is possible to provide just the bottom line numbers....for example...reporting all sales at once as follows: 1a. "large number of transactions" 1b. "various" 1c. "various" 1d. the proceeds of all transactions combined 1d. the cost of all transactions combined 1h. Net gain My thinking is file the return electronically and if requested by IRS I could then provide the paper copy of the 1099-B. Thought about adding a .pdf of the 1099-B to the electronically filed return but the tax software does not allow that. Alternative would be to print out the return (rather than file electronically) with my example above and include the 260 page 1099-B as a paper attached to the paper return. The dreaded alternative is enter the 1400+ sales one by one into the software. Your thoughts are greatly appreciated! Thank you in advance.

[@HolySchmidt]

James O'Donnell I have to admit, that is one I have to research. Under all previous circumstances I would have said that you’d list each stock, this sounds more like a trading business rather than an investment portfolio.

[@jamesod347]

@@HolySchmidt I wouldn't call it a trading business because it is all personal trading. However, given that I spend 20-25 hours/week doing this it does have the appearance of a part-time business. Given the deadline for submitting is July 15 I have spoken to TurboTax about their software capability, my fear is the software itself may have some limitation on the number of entries.so entering each sale separately make not work either. So far TurboTax has been of no help as I have not been to get in contact with someone who knows the limitations of their software at this level. I will let you know of any progress I make.

[@lil18thletterking77]

@@jamesod347 how did you end up doing it?

[@jamesod347]

@@lil18thletterking77 I basically kept badgering TurboTax as I simply could not believe what I wanted to do could not be done. About the 3rd or 4th time I called, and about the 3rd person I talked to during that call, they told me I could upgrade to a more premium version which would permit all my transactions to be downloaded from the various brokerage sites. I made the purchase (maybe $30 more than the version I had been using) and it worked flawlessly. My posted question originated as I was doing my 2019 taxes. In 2020 I went right to the premium version and it worked flawlessly as well with approximately the same number of transactions.

[@lil18thletterking77]

@@jamesod347 ok so use turbo tax premium...got it..thanks

[@valeriannita9704]

Thank you for the good video. I have a question. On page 5 of the Instructions for Form 8949, it says that you can write "VARIOUS" in column b. Can you show a video with an example of this?

[@HolySchmidt]

Hi thanks for your comment. Let me think about how to present that but it sounds like an interesting idea

[@valeriannita9704]

@@HolySchmidt Thank you. I'll looking forward to it.

[@CBBMachineGun1988]

So does your broker send a 1099B to you everytime you sell shares, or is that information sent in some other way or format to you? Does this form apply to other investments like FOREX and Cryptocurrencies?

[@HolySchmidt]

The 1099b is sent once at the end of the year for your tax return. You’ll probably just receive trade confirmations for Foreign Exchange and Cryptocurrency transactions but you should check with your broker.

[@holulu777]

THANKS, YOU ARE GREAT.

[@bretgreen5314]

Thank you this helped

[@mariolemus6217]

In that particular case, it was a Long-Term gain but I think you put it on the Short-Term section, the video went too fast I couldn't distinguish. Was that the way it was supposed to be put?

[@HolySchmidt]

+Mario Lemus the line items are generally same. The top is for short term gains and bottom for long term gains

[@ianshaw1948]

I'm hoping you can help me out. In May 2018 I paid taxes on $3,103 worth of vested stock from my last company. I finally got around to selling it in January 2019 for $2,353. My 2019 1099-B has a blank entry for the Cost Basis. I believe my adjustment code is B and adjustment amount is -$3,103. Am I doing this correctly?

[@HolySchmidt]

Hi Ian, your basis is the value when the stock vested, which sounds like is $3103 because of your tax payment. When you sold the stock for $2353 this create a loss. So yes you are correct.

[@he11ove11o]

Hello, Thank you for your video. We are new to stock market so please could you tell us little bit about wash loss and whether you have to list transaction per brokerage account or synchronized list. Also if hisband and wife file jointly, and trades same security how does it affects us. Is it good to login to broker account during tax filing so they can have all documents correctly during submission. Appreciate your help.

[@gregz83]

If I made the sale in January of 2021, when do I need to submit 8949? I had long term capital gains from the sale of stocks. Do I need submit it this year, or wait until 2022?

[@crystltwilight]

You claim that gain next year

[@raulalvarezmerino9938]

can Broker fee and cost of selling your shares be included in the form 8949?

[@HolySchmidt]

Those are typically added to your basis

[@Chochweetanimations]

what if you have hundreds ofd transactions?

[@ThanhNguyen-yy1cq]

Thank you!

[@erikarroyo3230]

Thank you soooo much!!!!

[@mytravls]

Can you do a video on filing taxes only the income from selling stocks?

[@HolySchmidt]

Hi, So do you mean the only income you have for the year is gains from selling stock?

[@mytravls]

Holy Schmidt! Yes. Are there any cases out there? That only file with this scenario?

[@HolySchmidt]

Good idea - yes thousands of cases. Sure, let me think about how to film it. I’ll have something up in the next few weeks.

[@mytravls]

Holy Schmidt! 🙏🙌

[@yeengan4994]

I too would like to learn how to file in my retirement when I am only selling stocks.

[@shay5820]

For older taxes would you use a form of that filing year ?

[@HolySchmidt]

Hi yes. The form itself has not changed over the last decade, but if you are amending or filing back taxes you should use the form from the tax year your sold the stock. You can find those forms on the IRS website.

[@shay5820]

@@HolySchmidt Also will you be doing a video on filing out the Schedule D it would really help me out thank you

[@HolySchmidt]

Hi Shay, thank you for a good idea. Look for that video in the coming weeks!

[@HolySchmidt]

Hello Shay. I have just posted a video on how to fill our Schedule D. Enjoy!

[@shay5820]

Holy Schmidt! Awesome Thank You

[@richardfrank192]

It will literally take me 100hrs to input my transactions

[@antar5500]

You’ll learn so much. Keep up the good work.

[@BabyGangsterIsMe]

that's good so u don't go out and party much hihihi

[@BradKwfc]

Yep, I had 63 trades last year, took a few hours to go through each one. Lesson I learned: Don't trade so much.

[@BabyGangsterIsMe]

@@BradKwfc I traded more than 5000 stocks last year. You dont do that. You use turbotax and upload it. U dont type down each stock. There are many ways to do it. You only need to put Total Proceed and Basic cost on tax page or u can upload pdf filed on turbotax and they do autofill for u. Dont be stupid and type down each trade.

[@BabyGangsterIsMe]

@@BradKwfc look at your 1099-B , look at TOTAL PROCEED and BASIC COST, WASH SALE, GAIN/LOSS on your first page...that's all you need to put down on form 9849 if you trade a lot. If you trade only couple stocks then u can type it down each stocks or use turbo tax to upload it...there are many ways to do it. I can't believe u type down each stock....it's crazy

[@annaolintla696]

Love this video

[@HolySchmidt]

Thank you!