Form detail
IRS Form Schedule D (Form 1040)
Capital Gains and Losses
Country
United States
Revision year
2024
Methods
paper, efile
Updated
2026-05-20
Capital Gains and Losses
Schedule used to report sales and other dispositions of capital assets, summarize short- and long-term gain/loss totals from Form 8949, and apply capital loss carryovers.
Who must file: Individuals who sold or exchanged capital assets, received capital gain distributions, had a Section 1256 contract gain/loss, or had a capital loss carryover.
Practical overview
Schedule D and Form 8949 are paired: detail lots go on 8949 and totals flow to Schedule D. Errors typically come from cost-basis omissions on transferred shares, missing wash-sale adjustments, and forgetting to carry forward losses from a prior year. The 28% collectibles rate and the unrecaptured Section 1250 gain rate are computed on the Schedule D Tax Worksheet, not on Schedule D itself.
Practical steps
- Aggregate transactions from each broker 1099-B and reconcile basis to your own records.
- Categorize each lot on Form 8949 with the correct box (A, B, C for short-term; D, E, F for long-term).
- Apply prior-year capital loss carryovers from your Schedule D Capital Loss Carryover Worksheet.
- If applicable, use the Qualified Dividends and Capital Gain Tax Worksheet or Schedule D Tax Worksheet for the tax computation.
Due-date notes
File with Form 1040 by the individual income tax return due date.
Timing: April 15
Extension reference: Form 4868
Penalty snapshot
Accuracy-related and failure-to-file penalties at the Form 1040 level; substantial understatement under IRC § 6662 commonly arises from overstated basis.
Related citations
Computed from the cross-reference graph. Links open the related entity on this site.
This entry cites
- FormIRS 1099-B
Cited by
- FormIRS 1099-B
Primary sources
- About Schedule D (Form 1040)Verified 2026-05-20
- Instructions for Schedule DVerified 2026-05-20
Important disclaimer
This library is for general tax education only. Always verify filing obligations, due dates, and tax consequences against the cited primary source or with a qualified tax professional.