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New Form 8949 replaces Form 1040, Schedule D-1

Many transactions that, in previous years, would have been reported on Form 1040, Schedule D or D-1 must be reported on Form 8949 if they occurred in 2011. Specifically, a taxpayer uses Form 8949 to report:

  • The sale or exchange of a capital asset not reported on another form or schedule,
  • Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit, and
  • Nonbusiness bad debts.

The taxpayer uses Schedule D to figure the overall gain or loss from transactions reported on Form 8949 and to report capital gain distributions not reported directly on Form 1040, line 13, a capital loss carryover from 2010 to 2011, and certain specialized items.

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