Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Do I still have to file a form 8949 (with my sch.D)if I am not doing any adjustments? (https://www.askmehelpdesk.com/showthread.php?t=816999)

  • Oct 12, 2015, 01:43 PM
    needhelpnow58
    Do I still have to file a form 8949 (with my sch.D)if I am not doing any adjustments?
    We sold a vacant lot and need to do a Schedule D for the profit. I don't think I have any adjustments anyway.
    I bought it at a tax deed sale and had to pay the previous owner to Quit Claim it over to me. Would this be an adjustment (g), or would it just be added to the Cost (e)? If it is actually an adjustment, what would the code (f) be?

    Lastly, is Form 8949, line 12, where I would enter the loss from our s-corp (that we are trying to sell & have no income from)? Do I have to claim a loss now?

    The extension deadline is in a few days, so I am running out of time, so I am worried. I called the IRS toll number and the recording states they will only answer questions from January to April! What?

    Thank you for any answers!
  • Oct 12, 2015, 09:15 PM
    AtlantaTaxExpert
    On the sale of the lot, any of the costs that you mentioned would be added to the basis of the lot to determine your final gain.

    As for the S-corp, the losses are entailed in the Schedule K-1 that should have been generated when the Form 1120S was filed. As of now, you have NO losses to report on the Form 8949 because you have NOT YET sold the S-corp.

  • All times are GMT -7. The time now is 08:39 AM.