Question

Janelle's capital gains from her Forms 1099-B are first reported where on her tax return?

Answer 1

Janelle's capital gains from her Forms 1099-B are first reported on Schedule D (Capital Gains and Losses) of her tax return. Schedule D is used to summarize capital gains and losses, and it ultimately flows to Form 1040, where the net capital gain or loss is reported. If she has capital gains or losses that need to be reported, she will also need to complete Form 8949 to provide details on the transactions.