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Master Reporting Gains and Losses on Form 1040

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Master Reporting Gains and Losses on Form 1040

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Questions and Answers

What is reported on Form 1040, Schedule D, Line 14?

Income or losses from the sale of property used in a trade or business that was not reported elsewhere on the return (correct)

Income or losses from the sale of property used for personal purposes

Income or losses from the sale of personal property

Income or losses from the sale of real estate

Which of the following is not an example of other gains or losses that may be reported on Line 14 of Schedule D?

Gains or losses from the sale of stocks (correct)

Gains or losses from the sale of business property

Gains or losses from the sale of collectibles

Gains or losses from the sale of rental property

How is the gain or loss from the sale of property calculated?

By subtracting the original cost of the property from the amount it was sold for

By subtracting the adjusted basis of the property from the amount it was sold for (correct)

By adding the original cost of the property to the amount it was sold for

By adding the adjusted basis of the property to the amount it was sold for

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Description

Test your knowledge on reporting gains and losses from the sale of business and rental property on Form 1040, Schedule D, Line 14. Take this quiz to learn about other types of gains and losses that may be reported on this line and improve your understanding of the tax reporting process.