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Author: billjam Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121323  
Subject: Tackled Form 8949 Date: 2/2/2012 12:01 PM
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What fun! But I got through it. I don't use tax software or a preparer. Just IRS fillable forms.

Worse part was wading through all the fine print on the 1099B to see what had actually been reported to IRS. Apparently nothing as my stocks sold were all bought several years ago. I didn't have any short term gains or losses but did have a long term gain from securities litigation settlement that wasn't on a 1099B. Had to file two 8949s for my long term gains.

More fun next year as I understand they will start reporting mutual fund basis. I'd love to see an impartial study of the additional tax revenue vs. the cost of preparing and processing all those 8949's.
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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 114868 of 121323
Subject: Re: Tackled Form 8949 Date: 2/2/2012 12:16 PM
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I'd love to see an impartial study of the additional tax revenue vs. the cost of preparing and processing all those 8949's.

It'll probably pay for itself a couple of times over in the first year alone.

From 8949 is really just an expansion of the old Schedule D. Everything you used to put on sch D goes on the 8949. Then you add a bit more info - like explaining why your broker's calculation of basis is wrong or not applicable. Then its a bit of sorting (something computers are really good at as long as the humans give the computers the right info for the sort), and you're done.

I have seen a lot of people getting freaked out about this new form. Personally, I don't see it as that big of a deal.

--Peter

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Author: rosewine Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 114888 of 121323
Subject: Re: Tackled Form 8949 Date: 2/3/2012 1:46 AM
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I have seen a lot of people getting freaked out about this new form. Personally, I don't see it as that big of a deal.

I'm with you on this. It just doesn't seem like a big deal. Except maybe to the people that have been fudging their basis to avoid Cap Gains or get Cap Losses.

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