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Video instructions and help with filling out and completing when is schedule d required
In this video we are chatting about the Schedule D and the Schedule D is its and we don't see it used on a ton of returns but it's used on its fair share so it's used in for the exchange of reporting the exchange of like a capital asset not reported on another form or schedule so if you let's just say you got into a rental property something that you purchased and you made some money on it or you lost some money on it and you wanted to report that gain or loss you would go ahead and do that here so we in the scenario we had an investment property and we turned it relatively quick so we bought it on this date and we sold it on this date and we sold it for I don't know two hundred and eighty five thousand and we did not receive a 1099 from it well in real estate transactions you would receive some forty sort of 1099 generally if you're reporting a gain but and the cost of that property was two hundred twenty-five thousand so we made a quick quick 60 G's that would be nice and we don't have any oops I screwed up their turn 25 grand we made our quick sixty thousand dollars life's beautiful and we don't need to make any adjustments to it that would be that click save and go to another I must say we bought some other sort of asset and you would go ahead and enter that you can see our refund quickly went away you would go ahead and again enter that and enter the sales price your base your cost amount if you made an adjustment this is where things can kind of get get tricky to where if you're making an adjustment because the form that you received right so did you receive a form where was that at this forum showed up incorrectly and you need to make an adjustment and you need to go ahead and select why it is that you made that adjustment so that's that's one thing very common is I didn't want to go back into that sorry we're gonna continue on and we're gonna go into sale of Maine home worksheet we see this one quite a bit very similar to the other you're just gonna go ahead and put in the date that you purchased the property I'd say we bought it back then and the purchase price was $285,000 and the date that you sold it was in this current year right at the top of the year and the sale price was three hundred eighty five grand you made a made a quick hundred geez well I shouldn't say quick eight years and we're not worried about any of that how many days did you live in your home in the five years so you would want to do the little calculation 365