Capital Gains No Major Changes for 2012 Still have categories A, B, and C Still have short and long term Rumored change in Form 8949 Change in TaxWise.

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Presentation transcript:

Capital Gains No Major Changes for 2012 Still have categories A, B, and C Still have short and long term Rumored change in Form 8949 Change in TaxWise worksheet Don Priebe - January 2013Syracuse Experienced Preparer Training1

Categories of Sales A Basis reported to IRS on form 1099-B B Basis NOT reported to IRS on 1099-B C Not A or B Form 1099-B has been modified to include check box 6b Basis reported to IRS Don Priebe - January 2013Syracuse Experienced Preparer Training2

Basis Reported to IRS ? Basis (if known by broker) must be reported to IRS for all 2012 sales of: Stock purchased after January 1, 2011 Mutual funds purchased after Jan 1, 2012 EFTs purchased after Jan 1, 2012 Just because basis is shown on a B does NOT mean it was reported to the IRS Don Priebe - January 2013Syracuse Experienced Preparer Training3

Change to Form 8949 (?) Data from IRS-SPEC says two additional columns have been added to form 8949 – stock symbol and number of shares. Neither the final nor any draft of 8949 has been released on It is possible that this change applies ONLY to the TaxWise worksheet Don Priebe - January 2013Syracuse Experienced Preparer Training4

TaxWise Example - Worksheet Enter capital gains sale and basis information into the worksheet ONLY, not into the 8949 or Schedule D directly Don Priebe - January 2013Syracuse Experienced Preparer Training5

TaxWise Example automatically fills in from worksheet Don Priebe - January 2013Syracuse Experienced Preparer Training6

TaxWise Example - D Sch D automatically fills in from 8949 Don Priebe - January 2013Syracuse Experienced Preparer Training7