IRS Form 1099-B vs IRS Form 8949
I have a modest money market acct. with C. Schwab which has small gains and it is reported to me via a lengthy "1099 COMPOSITE" document. Q: Should any realized gains be reported to the IRS via Form 1099-B and on Form 8949 or just the latter?
Answers
-
Hello,
Yes, please report any gains from the 1099-B. The income may be reported on a Form 8949 and some will be reported on Schedule D. There may also be a 1099-DIV or 1099-INT. Here are some articles which will really help.
https://community.freetaxusa.com/kb/articles/164-how-do-i-enter-a-1099-div-from-my-broker-statement
https://community.freetaxusa.com/kb/articles/165-how-do-i-enter-a-1099-int-from-my-broker-statement
-
How do I complete IRS form 8949 and schedule D if needed? In 2022 I received $5456 from family land sale in South Carolina. I was one on 31 family heirs to property.
-
Hi,
See the "Investment and Savings" option on the Income menu to report an investment sale (sale of land). When you start a new sale, select Other Sales and follow the instructions that follow.
-
Thank you!
