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MI Form Instructions 8949: What You Should Know

What Form 8949's For When you file a U.S. tax return, you'll generally need to use Form 1040NR to report the income and expenses (Line 31 of the Form 1040). However, there are special reporting requirements if you sell securities (other than mutual funds) through an online brokerage account. Here are some of those reporting rules and when you might need to use Form 8949. How It Works Form 8949 works like any other U.S. self-employment tax form. For each sales or other disposition and for each year during which you have a loss or gain, complete either row of Box 2 on the Form 1040NR. For your sales of mutual funds (other than your holding income from participating in an HELM retirement plan, including dividends or capital gains from the sale of investments in a qualified retirement plan), line 1a on Form 8949 reports the sales or other disposition from the date you transferred the shares in full to the brokerage in one transaction (whether you had sales or other dispositions before the transfer). For other sales, lines 1 and 1a report the amount by which the sales transaction exceeds the adjusted basis of the securities you transferred. As a result, line 2a on Form 8949 must report the adjusted basis before any sales transaction. Line 1 of Form 8949 reports the sales or other disposition, if any, of the securities received in the transaction, but never includes sales when the securities you received are exchanged or exchanged for more securities. To report your sales differently, see Form 8949 — Other Types of Securities (Other Than Mutual Funds). How to Use Form 8949 When You Have a Loss or Gain From a Sales Transaction. When you have a net capital loss or net capital gain, you generally must file Form 8949 if you have total sales or other dispositions involving the securities in the transaction (line 1). For example, if you hold shares that cost at least 10,000, and the transaction resulted in a gain or loss of 2,000, this is a total sales or other dispositions involving 20,000 or more. With your sales reported in Box 1, this is a total sales or other dispositions involving 100,000. If you did not receive any sales in the transaction, you will file Form 8949. Complete the tax form as usual.

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