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Schedule D in the Real World


Do you have clients asking these questions? 

  • "Basis"?
  • What's with the "Form 8949"?
  • "Covered vs. Not Covered" 
  • How do I read that Form 1099-B?
  • Getting it right when the Form 1099-B is wrong.
  • When do I need to file the Schedule D?
  • Do I have to "list" every transaction and trade; can I submit a summary?
  • What about the "Adjustment Codes"?

Here's a sample resource that can help you collect the information you need from your client so you can feel confident when you file Schedule D and Form 8949 in the real world of your practice.  

Schedule D Questionnaire

YES  NO   
Do you have any investment accounts or direct to fund Mutual Fund accounts? Do you have an online brokerage account (E*Trade, Ameritrade or similar)?
    Did you receive a Form 1099-B for any of these accounts (it could have been electronically delivered)?
    Did you buy or sell any stocks, bonds or other investment property in 2013? Please provide details (brokerage statement or Form 1099-B).
If not, do you have record of your basis or cost?
    Is all the information on the Brokerage Statement or Consolidated Form 1099 accurate and correct to your best knowledge? Please provide documentation if you believe there is an error.
     Did you sell your personal residence in 2013? Please bring closing papers (HUD statement)
     Did you sell any other assets this year?
     Were any of the assets that you sold considered “collectable” (antiques, gold, coins, art or stamps)?
     Are you claiming a loss on an asset that was sold to a related party?
     Did you sell, for less than FMV, an asset to a family member or other related party?
     Did you inherit any stocks, bonds, other securities or collectables? (step up in basis) We will need the date of death.
Has anyone gifted to you any stocks, bonds, other securities or collectables?
Do you have an installment agreement for a prior year sale?
     Are you holding any worthless securities or do you own any small company stock that has reported bankruptcy?


Download a PDF copy of this checklist

For more information, view the on-demand NSA ConnectED LIVE webinar: Schedule D in the Real World 
Register now 

Presented by Kathy Hettick, EA, ABA, ATP, RTRP and Gene Bell, EA, ATA, CFP, RTRP

#Bookkeeping #Tax #NewsandInformation #IndividualIncomeTax #taxplanning #Consumer #PersonalIncomeTax #Accounting
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