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Capital Gains and Losses

The information from Form 1099-B Proceeds From Broker and Barter Exchange Transactions will need to be entered correctly into the software so the data regarding a sale of an asset will be reported on Form 8949 Sales and Other Dispositions of Capital Assets, Schedule D (Form 1040) Capital Gains and Losses, and Form 1040 U.S. Individual Income Tax Return, Line 7.

To enter Form 1099-B for your capital gain or loss transactions:

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

By entering data for a Form 1099-B, a Form 8949 and a Schedule D will be created. The information from Schedule D (Form 1040) populates on Form 1040, Line 7.

Please refer to IRS Publication 550 Investment Income and Expenses, for additional information.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.


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