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You really do need to look at your individual investment in this partnership for tax purposes. First, you may have what we call an outside basis as well as an inside basis in the investment. For example, if a partnership was forming and you purchased 10 shares at the opening price probably your inside basis and outside basis are the same. What the company ...


4

Just as you would combine 1099-Bs from different brokers onto one Schedule D, you should combine the two 1099-Bs from the same broker. This assumes that each transaction is listed on exactly one of the 1099-Bs and there are no discrepancies. Your situation sounds unusual (assuming you don't in fact have two different accounts with the broker) -- typically a ...


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He has included this on Schedule D line 1a, but I don't see any details on the actual transaction. It is reported on form 8949. However, if it is fully reported in 1099-B (with cost basis), then you don't have to actually detail every position. Turbotax asked me to fill in individual stock sales with proceeds and cost basis information. ... Again, it ...


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The worksheet is only used for figuring the amount of tax (for line 44 on form 1040), not the value for 1040 line 13. Form 1040, line 13 comes from either line 16 or line 21 of Schedule D, depending on whether there is a gain or loss on line 16 of Schedule D. Line 21 of Schedule D comes into play because there is a limit on capital losses for a given tax ...


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Yes, 1040 L13 is always populated based on the value on Schedule D L16. If L16 is a gain or zero then you fill in 1040 L13 immediately while entering L16. If it's a loss then you fill in 1040 L13 when completing Schedule D L21 (and the value from L16 may be altered in the process). The QD&CG Tax Worksheet does not affect 1040 L13. It only affects ...


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You are not allowed to pick and choose what years to take a loss once the stock/fund is sold. While I realize it might be too late for you to do anything now, in the future if members should read this, they might consider doing a Roth conversion during that year they will have $3000 in losses. This way they will show some income that can be offset by that ...


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Related: Tax consequences of short term capital losses The net capital loss is a deduction, not a credit, and it is a separate item (Schedule D) from your standard deduction, meaning you can take the standard deduction and also deduct up to $3,000 in capital losses. The nature of the loss (short-term or long-term) is used to calculate your net capital ...


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If you have invested in a mutual fund, then there are two kinds of capital gains that you need to report on your tax return. If you sold mutual fund shares (you can't sell the shares to anyone other than the mutual fund that issued the shares), then the fund (or your brokerage) will send you a Form 1099-B stating what the capital gains on the sale were, ...


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A gain here means a positive amount, so if you have no long-term transactions you would answer no on line 17. The purpose of the question is to determine whether you may qualify for the lower tax rate on long-term gains.


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I think you did the right thing. The brokerage's instruction to use Form 8949 because the basis wasn't reported sounds like a generic statement that doesn't take into account your receiving a K-1 for that ETF. The instructions for Form 6781 say that the gains should be listed on Schedule D lines 4 and 11 (the mention of Form 8949 is for those filing "other ...


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On line 21 of Schedule D, you write the smaller of Line 16 (Net Short-Term Capital Gains/Losses plus Net Long-Term Capital Gains/Losses including any Capital Loss carryovers from previous years) if Line 16 is a loss 3000 So, in your case, since your Line 16 shows a loss of more than $3000 on Line 21, you write 3000 on Line 21 (the parentheses indicating ...


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