Do you have clients asking these questions?
- “Basis”?
- What’s with the “Form 8949”?
- “Covered vs. Not Covered”
- How do I read that Form 1099-B?
- Getting it right when the Form 1099-B is wrong.
- When do I need to file the Schedule D?
- Do I have to “list” every transaction and trade; can I submit a summary?
- What about the “Adjustment Codes”?
Here’s a sample resource that can help you collect the information you need from your client so you can feel confident when you file Schedule D and Form 8949 in the real world of your practice.
Schedule D Questionnaire
| YES | NO | |
| Do you have any investment accounts or direct to fund Mutual Fund accounts? Do you have an online brokerage account (E*Trade, Ameritrade or similar)? |
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| Did you receive a Form 1099-B for any of these accounts (it could have been electronically delivered)? |
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| Did you buy or sell any stocks, bonds or other investment property in 2013? Please provide details (brokerage statement or Form 1099-B). | ||
| If not, do you have record of your basis or cost? |
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| Is all the information on the Brokerage Statement or Consolidated Form 1099 accurate and correct to your best knowledge? Please provide documentation if you believe there is an error. | ||
| Did you sell your personal residence in 2013? Please bring closing papers (HUD statement) | ||
| Did you sell any other assets this year? | ||
| Were any of the assets that you sold considered “collectable” (antiques, gold, coins, art or stamps)? | ||
| Are you claiming a loss on an asset that was sold to a related party? | ||
| Did you sell, for less than FMV, an asset to a family member or other related party? | ||
| Did you inherit any stocks, bonds, other securities or collectables? (step up in basis) We will need the date of death. | ||
| Has anyone gifted to you any stocks, bonds, other securities or collectables? |
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| Do you have an installment agreement for a prior year sale? |
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| Are you holding any worthless securities or do you own any small company stock that has reported bankruptcy? |
Download a PDF copy of this checklist.
For more information, view the on-demand NSA ConnectED LIVE webinar: Schedule D in the Real World
Register now
Presented by Kathy Hettick, EA, ABA, ATP, RTRP and Gene Bell, EA, ATA, CFP, RTRP