Video instructions and help with filling out and completing 1041 Irs Schedule D

Instructions and Help about 1041 Irs Schedule D

All right this lesson we're gonna be going over only one schedule but it's gonna have different types of income on it and that is the schedule D so we can access the schedule D one way right here through line 13 or through the forms guide as usual but I'll go ahead and click the green plus all right so this is the schedule D we're not going to enter any information directly on the schedule D there are gonna be other forms that we're going to enter information on so no matter what line to click on here whether it be one A 1 B 2 or 8 a 8 B 9 it's all gonna go to the same place it's gonna go to this worksheet alright and this is where you're going to put in all your information for your sales of stocks bonds and that type of stuff so this is where you can that when you get a Schedule B this is where you're going to take that information and enter it ok owning they're not going to enter here is your if you sell your main home that is gonna have to go on another worksheet which we'll go over a little bit later in this video also you're gonna see here click here to add form 1099 B I'm gonna go ahead and click on it right now but this is something you're not gonna use ok and I'll explain why in just a second so this 1099 B is for one transaction of one transaction only it's not gonna read like our 1099 B's that we get from Morgan Stanley Merrill Lynch and so forth ok so we'd have to put the payee the ein date acquired proceeds date sold cost short term long term and all that which we can do all right here ok most 1099 B's you're gonna get are going to have 20 or 30 transactions on them you do not want to have to fill this out 20 or 30 times so do not use this form all right so once again this is not a form of gonna be using so I'm gonna go ahead and delete this form go back here and this is where you answer everything no we're going to go ahead and put description of property so stock XYZ it acquired one one 2011 Bates old one 1 2015 sales price $10,000 now notice that of everything that I filled in this is not read cost or the basis because they may not have a cost of basis in it they usually will but you must fill this in because as of right now it's taken $10,000 in carrying it over oh not yet sorry I gotta fill this in belongs to taxpayer and then depending on how its filled out on the 1099 B it'll tell you so form 10 and then B with basis with adjustments and listed on 8949 so we go there and now it carries it over to the 1040 so see we have a $10,000 capital gain right now with when we did because we didn't put in any of the cost basis but let's say it cost us $11,000 I'm gonna click here remember to click on the gray so it actually takes effect and we go over here look we have a negative $1000 it makes a huge difference so you gotta remember to put in the cost basis even though it doesn't ask for it okay move on put 10,000 or 9,500 so it shows up positive over there all right and remember to look at the 1099 B enter everything as it shows if there's any adjustments codes or adjustment amounts you got to enter it all here and then you're gonna enter it and just keep going and going and going until you've entered them all I've had 1099 B's where there's a hundred plus transactions you're gonna need to answer them all okay remember ma remember that in a 1099 B if the basis was reported to the IRS then what you can do is you could just sum up and I can just put Oregon Stanley bait acquired various ate sold just put in a date for the current year sales price 115,000 cross basis of a hundred and fourteen thousand and there and then you're gonna have to put what they are so let's say these are all long term along with the taxpayer code one so there we go we can just sum sum it up because the basis was reported so we don't need to list each individual transaction but what time we need to least list each individual transaction is if it's this right here or it does not show the basis all right or with form 1099 be with basis sorry yeah just right here it does not show basis all right so if it doesn't show the basis or it tells you the basis was not reported IRS you gotta list each individual transaction if it tells you basis was reported to the IRS you can just sum it up like I did there with the Morgan Stanley account all right now we're going to go through and that's it that's all you got to do now let's go ahead and go back to the schedule D and take a look at see right here it lists everything down here for us and if we have anything coming in from a k1 which you haven't gone over it'll automatically be taken into line five now if we have a carryover from the year before we're gonna have to either click on line six or line 14 to access the worksheet and go ahead and put in the carryover so let's say we have a carryover of twenty five thousand dollars from last year of short term all right now we've got to