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Additional Instructions for 2012 Form 8949, Sales and Other Dispositions of Capital Assets -- 27-AUG-2013

The Instructions for Form 8949 include two exceptions to the requirement that taxpayers report each transaction on a separate row of Part I or Part II. For 2012, the IRS has expanded the relief provided in Exception 2 to allow qualifying taxpayers to report one summary total for all transactions on Part I and/or Part II, as applicable.   Exception 2 originally allowed taxpayers who 1) have more than five transactions and 2) file Form 1120S, 1065, or 1065-B or who are exempt from receiving Form 1099-B under Regulations section 1.6045-1(c)(3)(i)(B) to qualify to enter summary totals instead of reporting the details of each transaction on a separate row of Part I or Part II or on an attached statement.

The expanded relief now allows taxpayers who qualify under Exception 2 the option to not break out the summary totals for Parts I and II between the applicable boxes.  Instead, these taxpayers may report their transactions as one summary total on lines 1 and 3.  Specifically, qualifying taxpayers should check box C and enter summary totals in columns (d), (e), (g), and (h) on line 1 (for short-term transactions) or line 3 (for long-term transactions);  enter "Available upon request" in column (a); leave columns (b) and (c) blank; and enter "M" in column (f).  These totals should be carried to the total columns on Form 8949, lines 2 and 4, as per the form instructions.  

Page Last Reviewed or Updated: 06-Nov-2013