In this article, we discuss what asset sales are, how they work and how to calculate a loss or gain because of an asset sale. Form 8949 is used to report the sale or exchange of capital assets, such as stocks, real estate, or cryptocurrencies to the IRS.By comparing an asset's book value (cost less accumulated depreciation) with its selling price. Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if goodwill or going concern value. The purpose of the form is to report sales and exchanges of capital assets. Learn the tax implications for each type of sale. A longlived asset (disposal group) should be classified as held for sale in the period in which all of the held for sale criteria are met. This publication explains the tax rules that apply when you dispose of property, including when you dispose of only a portion of certain property.