In this video, we are discussing the Schedule D. The Schedule D is used for reporting the exchange of a capital asset that is not reported on another form or schedule. It is not commonly used on a ton of returns, but it is used on its fair share. For example, if you have a rental property that you purchased and made money or lost money on, you would use the Schedule D to report the gain or loss. In our scenario, we had an investment property that we quickly sold. We purchased it on a specific date and sold it on another date, earning $285,000. We did not receive a 1099 for this transaction, although typically, in real estate transactions, you would receive some sort of 1099 when reporting a gain. The cost of the property was $225,000, so we made a quick $60,000. We had no mistakes or errors in our calculations, so we did not need to make any adjustments. We simply clicked "save" and moved on. If we had purchased another asset, we would enter the necessary information, and our refund would decrease accordingly. Now, let's move on to the sale of the main home worksheet, which is a common section. Similar to the previous section, we enter the date of purchase for the property and the purchase price. In our case, we bought it in the past for $285,000. The date of sale is in the current year, and we sold it for $385,000. We made a profit of $100,000 over the course of eight years. We are not concerned with the number of days we lived in the home in the past five years for this particular calculation. However, if it is applicable to your situation, you would need to do a little calculation, considering 365 days in...
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When is schedule d required Form: What You Should Know
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