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New Rules for Capital Gains Reporting

New basis reporting rules for securities purchased and sold after 2010 has been put into effect and may make capital gains reporting more complicated in 2011. Under the new rules, all sales must be listed on Form 8949 (this is an example, as the form has not been finalized) and the totals will be carried to Schedule D. Taxpayers will be required to file separate 8949s for sales where basis is reported by the broker, where the tax basis is not reported, and where no 1099-B reporting gross proceeds is received. These measures will allow the IRS to check the basis information received with the seller’s return.

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