Create Schedule D Form 1040

Schedule D Form 1040: What Is It?

This form is used by the U.S. Internal Revenue Service for tax filing and reporting services. The Schedule D is known as a Capital Gains and Losses form. This form is used in conjunction with the Form 1040. This form will be used to report certain sales, exchanges, gains, distributions, or debts. It will be required by certain parties for a complete income tax return.

Different financial information is required for this form. The first section should list short-term capital gains and losses. These are things that were held for less than a year. The second part of the form is for long term capital gains and losses, which have been held for longer than one year. The last section will calculate the totals of these gains and losses in order to help a filer determine their owed taxes or tax refund.