IRS Schedule D "Capital Gains and Losses" Explained
Schedule D (Form 1040), Capital Gains and Losses, is where you total the gains and losses from selling capital assets such as stocks, bonds, mutual funds, cryptocurrency, and investment real estate.…
IRS Schedule E "Supplemental Income and Loss" Explained
Schedule E (Form 1040), Supplemental Income and Loss, reports income and losses from rental real estate, royalties, partnerships, S corporations, estates and trusts. For many investors, it's the most…
IRS Form 1099-DIV "Dividends and Distributions" Explained
IRS Form 1099-DIV, Dividends and Distributions, is sent by brokerages, mutual funds and companies to report dividends and other distributions you received during the year. It's usually issued when…
IRS Form 1099-INT "Interest Income" Explained
IRS Form 1099-INT, Interest Income, reports interest paid to you by banks, credit unions, brokerages and the U.S. Treasury. Payers generally issue it when interest totals $10 or more, but all taxable…
IRS Form 1098 "Mortgage Interest Statement" Explained
IRS Form 1098, Mortgage Interest Statement, is sent by your mortgage lender or servicer to report the mortgage interest you paid during the year. Lenders file it when they receive $600 or more of…
IRS Schedule B "Interest and Ordinary Dividends" Explained
Schedule B (Form 1040), Interest and Ordinary Dividends, lists the sources of your taxable interest and ordinary dividends. It also asks important questions about foreign accounts and foreign trusts.…
Internal Revenue Code (IRC) Section 121 "The Home Sale Gain Exclusion" Explained
Internal Revenue Code Section 121 lets you exclude up to $250,000 of gain from the sale of your main home, or up to $500,000 if you're married filing jointly, as long as you meet the ownership and…