Glossary

Form 8949 – Sales and Other Dispositions of Capital Assets

What is Form 8949 - Sales and Other Dispositions of Capital Assets?

Form 8949, “Sales and Other Dispositions of Capital Assets,” is an IRS tax form used to report the details of your capital gains and losses. If you sold stocks, bonds, real estate, or other investment assets during the year, you’ll likely need to fill out this form to determine your taxable capital gains or deductible capital losses.

  1. Glossary Article

Recommended for You

Inaccurate Tax Return Penalty

The Inaccurate Tax Return Penalty is a financial penalty imposed for errors or omissions on tax returns. It underscores the importance of accuracy in tax filing.

Relief for Filing Misunderstandings

Relief for Filing Misunderstandings provides taxpayers with options to correct or clarify tax errors without facing severe penalties. It's crucial for compliance and resolution of common misunderstandings.

Abatement for Overstated Deductions

Abatement for Overstated Deductions refers to the process by which taxpayers can adjust and correct their tax returns to eliminate overstated deductions and potentially reduce penalties.

Property Taxes Deduction

Property taxes deduction allows homeowners to deduct eligible property tax payments from their federal income tax returns, potentially reducing taxable income.

Land Bank Authority

Land Bank Authorities help manage and repurpose vacant properties, impacting tax compliance and community economic health through revitalization strategies.

Amended Tax Return

An amended tax return is a special form you use to fix mistakes or make changes on a tax return you've already filed. It's a way to ensure your taxes are accurate and you get the correct refund or pay what you owe.