Get 2003 Form 1040 (Schedule D)

Who has to file a Schedule D? You'll have to file a Schedule D form if you realized any capital gains or losses from your investments in taxable accounts. That is, if you sold an asset in a taxable account, you'll need to file.

Investors with capital gains or losses from investments, business ventures, or partnerships during the tax year report them to the Internal Revenue Service (IRS) using Schedule D (Form 1040).

Remember, any long-term gains or losses from art, jewelry, antiques, precious metals, etc., which are termed "collectibles," are taxed at a 28 percent rate. You will need to complete the 28% Rate Gain Worksheet in the Schedule D Instructions.

Capital assets may include personal property such as a home, collectibles, or stocks and bonds. All gains earned or losses will be considered short-term or long-term depending on how long the asset was held. The instructions and Form Schedule D are found on the IRS website. Internal Revenue Service.

Use Schedule D (Form 1040) to report the following: The sale or exchange of a capital asset not reported on another form or schedule. Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit.

The $3,000 loss limit is the amount that can go against ordinary income. Above $3,000 is where things can get a little complicated. The $3,000 loss limit rule can be found in IRC Section 1211(b). For investors who have more than $3,000 in capital losses, the remaining amount can't be used toward the current tax year.

However, you must include on your Schedule D the totals from all Forms 8949 for both you and your spouse. Corporations and partnerships. Corporations and partnerships use Form 8949 to report the following. The sale or exchange of a capital asset not reported on another form or schedule.

If distributions, line 13, are your only investment items to report, you don't have to fill out Schedule D; they go directly on your 1040 or 1040A return. You also can escape Schedule D if your only capital gain is from the sale of your residence.