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Printable Form Instructions 8949 Nassau New York: What You Should Know
Form 8949 — Sales and Other Dispositions of Capital Assets Instructions for Form 8949 You need the following information to complete the sales and other dispositions of capital assets (sales, leasehold, land, property other than a manufactured home, boat, trailer or semitrailer, jewelry, collectibles, and other property acquired and used in your trade or business). Do not use Form 8949 if you already have filed your tax return using the old form. Form 8949 is the correct form to report capital gains and losses. What are capital acquisitions or dispositions of land, buildings, and improvements? There are two types of capital acquisitions or dispositions that qualify as sales or other dispositions of capital assets: real estate transactions and business and residential improvements. You cannot sell or swap in the ordinary course of your trade or business for an interest in land. The following types of real estate transactions qualify for the income exclusion for the period for which the sale or other disposition took place: • Purchases and sales of real property, including a home; • Purchase of, or delivery of property to certain family members, but not including rentals of real property to tenants; • Sale or exchange of the remaining interest in certain qualified family farms, including certain leases and rental agreements; • Sale of land or related interests in certain farms in real property; and • Sale of securities to qualified family members or qualified tenants. The following types of business improvements qualify for the income exclusion for the period for which the sale or other disposition took place. For some sales or other dispositions of capital assets, the cost you incur to develop, repair, or replace your business asset is considered a capital acquisition or disposition. • Construction of facilities and machinery used in the trade or business; • Renovations of your business premises, including the cost of improvements to your facilities and machinery, not including the fair market value of improvements that are installed, installed by an independent contractor, or made from supplies you procure; • Furnishing your facility or machinery with furniture and supplies, with a cost to you of 200 or less; • Acquisition of a portion of your business inventory or inventory management inventory, and • Purchase, maintenance, and use of supplies and resources used in the trade or business.
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