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Questions and Answers
Which of the following transactions must be reported on Form 8949 and Schedule D?
Which of the following transactions must be reported on Form 8949 and Schedule D?
- The sale of personal property for less than its original purchase price
- The sale of a capital asset for a profit (correct)
- The donation of a capital asset to a charitable organization
- The exchange of a capital asset for another capital asset of equal value
What is the purpose of Schedule D?
What is the purpose of Schedule D?
- To report deductions to the IRS
- To report charitable donations to the IRS
- To report capital gains and losses to the IRS (correct)
- To report income to the IRS
What is the purpose of Form 8949?
What is the purpose of Form 8949?
- To report business-related expenses
- To calculate the taxpayer's total income for the year
- To report noncapital asset transactions
- To list all capital gain and loss transactions (correct)
What is a capital gain?
What is a capital gain?
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What can be done with capital losses?
What can be done with capital losses?
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Which of the following is NOT considered a capital asset?
Which of the following is NOT considered a capital asset?
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