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Old 01-31-2015, 07:59 PM
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When filing form 8949 is necessary

I received a form 1099-b from my mom's mutual fund inheritance. All sections short and long term indicate a loss of a total of approx $15.00. After about an hour of reading etc - my conclusion is - only if there are gains do I need to mess with form 8949 to report that. It doesn't seem worth the effort and printing to use this as a loss on my 1040 - at least not in my opinion.

Am I on target, or not so much? Thanks



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Old 02-01-2015, 03:22 PM
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Quote:
Originally Posted by smithson View Post
I received a form 1099-b from my mom's mutual fund inheritance. All sections short and long term indicate a loss of a total of approx $15.00. After about an hour of reading etc - my conclusion is - only if there are gains do I need to mess with form 8949 to report that. It doesn't seem worth the effort and printing to use this as a loss on my 1040 - at least not in my opinion.

Am I on target, or not so much? Thanks
you need to Use Form 8949 to figure the amount of gain or loss from the sale to transfer the results to Sch D, an addendum to Form 1040; Short-term capital gains or losses are reported on Part I of Form 8949. Long-term capital gains or losses (assets held for more than one year) are now reported on Part II of Form 8949.



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