Form 8849 Schedule 1 Rev December Fill in Capable

Instructions and help about Form 8849 Schedule 1 Rev December Fill In Capable

going over IRS form 8949 sales and other dispositions of cap capital assets this is a form that uh most individuals as well as corporations Partnerships Estates and trusts may use anytime there is a sale of investment property Capital assets and things of that nature and this form it consists of two pages with two parts part one is capturing short-term capital transactions these involve Capital assets that you held one year or less this is generally known as short-term either capital gains or Capital losses and then on the second page you have part two which is long-term capital gains or Capital losses and this is defined by the IRS as capital assets that you held more than one year so the general rule of thumb is one year plus one day is long term one year even is short term before we get into the form itself wanted to go over a couple of things in the instructions we won't cover everything because even though this is a two-page form the instructions page itself is 12 pages long so th