Instructions for IRS Form 1040 Schedule D Capital Gains and Losses

IRS Form 1040 Schedule D Capital Gains and Losses

This document contains official instructions for IRS Form 1040 Schedule D, Capital Gains and Losses - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1040 Schedule D is available for download through this link.

FAQ

Q: What is IRS Form 1040 Schedule D?
A: IRS Form 1040 Schedule D is a tax form used to report capital gains and losses.

Q: What are capital gains and losses?
A: Capital gains are profits made from selling assets, while capital losses occur when you sell an asset for less than you paid.

Q: Do I need to file IRS Form 1040 Schedule D?
A: You need to file IRS Form 1040 Schedule D if you have capital gains or losses to report.

Q: What assets should be reported on IRS Form 1040 Schedule D?
A: Assets such as stocks, bonds, real estate, and other investment properties should be reported on Schedule D.

Q: How do I calculate capital gains or losses?
A: To calculate capital gains or losses, you subtract the cost basis (purchase price) of the asset from the selling price.

Q: Are there any special rules or deductions for capital gains and losses?
A: Yes, there are special rules and deductions for capital gains and losses, such as the 0% or 15% tax rates for long-term capital gains.

Q: When is the deadline for filing IRS Form 1040 Schedule D?
A: The deadline for filing IRS Form 1040 Schedule D is typically April 15th, unless it falls on a weekend or holiday.

Q: Can I e-file IRS Form 1040 Schedule D?
A: Yes, you can e-file IRS Form 1040 Schedule D.

Q: Do I need to include supporting documents with IRS Form 1040 Schedule D?
A: You may need to include supporting documents, such as brokerage statements, to substantiate your capital gains and losses on Schedule D.