Capital Gains and Losses - Short-Term Capital Gain

All capital gains (long-term and short-term) are reported on Form 8949 and Schedule D is used to calculate a net capital gain or loss. If there is a net gain that is all short-term, then the short-term gain will be taxed at the taxpayer's regular income tax rate; however, if there are long-term losses, these are allowed to offset the short-term gains.

Capital gains and losses are entered on Form 1099-B in the TaxAct program and then reported on Form 8949 and Schedule D.

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
  2. Click Investment Income in the Federal Quick Q&A Topics menu to expand the category and then click Gain or loss on the sale of investments
  3. Click Capital gain or loss (Form 1099-B)
  4. Click New Copy of Form 1099-B (Desktop users click Add) to create a new copy of the form or click Review to review a form already created 
  5. The program will proceed with the interview questions for you to enter or review the appropriate information