Drake Tax - 1099-B - Broker and Barter Transactions

Article #: 10542

Last Updated: October 18, 2024

 


Tags: Drake Tax

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Overview

For sales and other dispositions of capital assets, use screen 8949.

  • Individual transactions are entered on screen 8949. The transactions are consolidated and listed on Form 8949, and the totals flow to Schedule D.

  • The option is still available to attach a manually-prepared transaction statement (such as a spreadsheet containing all the information contained on Form 8949; see the Schedule D Instructions and Drake Tax - 8949 - Import Transactions, PDI Indicator or PDF Attachment).

  • To select box A, B or C at the top of Part 1 (short-term), or box D, E, or F at the top of Part II (long-term), use the field drop list Applicable Part I/Part II check box on Form 8949 on screen 8949.

  • Up to three Adjustment Codes can be reported on each 8949 screen.

For barter transactions, consult Publication 525.

Note  Per Publication 529, miscellaneous brokerage fees and expenses can no longer be deducted, and as such there is no direct entry line for them in Drake Tax.