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Form Instructions 8949 for Queens New York: What You Should Know
Form 8949 is used to report capital gains on certain sales and exchanges of real property. In these instances, you'll need to use Form 8949 to report: The basis of real property acquired after March 1, 2017, and before April 1, 2020, and The basis of any real property acquired after February 28, 2017, and before May 15, 2017, and The adjusted basis of real property acquired after January 1, 2018, and before April 1, 2019, and The gain on the sale of real property acquired after June 30, 2017, if any. For more information on how to report capital gains, visit IRS.gov. New York State Department of Taxation and Finance. Form 8949. Instructions. Capital Gains Tax Return. Form 8949, Sales and Other Dispositions of Capital Assets; Part II, Item A; Schedule I Use Form 8949 to report the sales and other dispositions of capital properties by corporations, S corporations, partnerships, limited liability companies and limited liability partnerships. Form 8949. Schedule IIA. Form 8949, Sales and Other Dispositions of Capital Assets. The sale and disposition of property is not a capital account; property is not acquired in exchange or for the purpose of receiving a capital account. Sales by the United States for the public use are considered sales within the meaning of section 1031(c). Sales by individuals for the individual's own use or consumption are considered sales within the meaning of section 1031(c). Generally, you are required to report any gain or loss that results when you dispose of capital property. For example, if you acquire shares in a trade or business as part of a plan to divest the business in exchange for shares of shares in another company or to buy any other property in which you hold a long-term interest, and, as a result of your disposition, a long-term interest is reduced, your gain or loss will be subject to capital gains tax if you meet the following two tests: 1. If the increase in the value of shares in any stock or mutual fund is from any other cause other than the sale, exchange, receipt or disposition of property: • Your gain or loss is subject to capital gains tax at ordinary tax rates; or 2.
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