Question

Assume the following sales took place during 2020 for a variety of individual capital assets for Ron (all normal capital assets with gains subject to 0%, 15%, or 20% tax rates).

Property purchase date	Property sale date	Adjusted basis	Sale proceeds	Gain/Loss	Character of gain/loss
12/6/2020	12/9/2020	1,000	1,060	60	short term gain
1/7/2000	6/15/2020	5,000	6,200	1,200	long term gain
11/6/2013	8/20/2020	5,000	4,200	-800	long term loss
5/1/2020	10/31/2020	2,500	2,200	-300	short term loss
6/8/2011	3/22/2020	8,600	10,000	1,400	long term gain
7/10/1999	1/19/2020	2,000	4,100	2,100	long term gain
3/16/2016	3/16/2020	5,300	6,000	700	long term gain

(I also want to make sure the characters of gain/loss and numbers are correct)

Second enter the information to the Form 8949

Column a: description of property, column b: date acquired, column c: date sold, column d: sales proceeds, column e: cost, column f: codes from instruction, column g:amount of adjustment, column h: gain or loss

Answer 1

The Gain/Loss calculated and the characters of Gain/Loss of Ron by the sale of capital assets in 2020 are correct.

These are the sales took place during 2020 for a variety of individual capital assets for Ron entered in Form 8949 .

(Note: Capital assets are numbered 1,2,3...accordance to the order of arrangement in the question.)

Part 1:

Short-Term. Transactions involving capital assets you held 1 year or less are generally short-term

(a) Description of property	(b) Date acquired (M.D.Y)	(c) Date sold (M.D.Y)	(d) Sales proceeds	(e) Cost	(f) Codes from Instructions	(g) Amount of adjustment	(h) Gain or Loss (Subtract column (e) from column (d) and combine the result with column (g))
Capital asset -1	12/6/2020	12/9/2020	1060	1000			60
Capital asset -4	5/1/2020	10/31/2020	2200	2500			(300)
TOTAL Add the amounts in columns (d), (e), (g), and (h) (subtract negative amounts)			3260	3500			(240)

Part 2

Long-Term. Transactions involving capital assets you held more than 1 year are generally long-term.

(a) Description of property	(b) Date acquired (M.D.Y)	(c) Date sold (M.D.Y)	(d) Sales proceeds	(e) Cost	(f) Codes from Instructions	(g) Amount of adjustment	(h) Gain or Loss (Subtract column (e) from column (d) and combine the result with column (g))
Capital asset -2	1/7/2000	6/15/2020	6200	5000			1200
Capital asset -3	11/6/2013	8/20/2020	4200	5000			(800)
Capital asset -5	6/8/2011	3/22/2020	10000	8600			1400
Capital asset -6	7/10/1999	1/19/2020	4100	2000			2100
Capital asset -7	3/16/2016	3/16/2020	6000	5300			700

TOTAL Add the amounts in columns (d), (e), (g), and (h) (subtract negative amounts)

30500

25900

4600