IRS clarifies Sched D instructions; revises Sched K-1.

• Position: Internal Revenue Service - Brief article

The IRS has clarified its instructions for reporting capital gains and other investments on Form 1040, Schedule D, in response to concerns from practitioners.

In December, CalCPA sent a comment letter to the IRS expressing concern over the previously published detailed capital gains reporting requirements.

Additionally, the IRS has revised Form 1041, Schedule K-1 for this...