Travis Texas Form 1040 (Schedule D) 2024-2025

Travis Texas Form 1040 (Schedule D): What You Should Know

S2‑E58 Capital Gains Tax Guide, Updated November 2016 Capital gains aren't taxed unless you receive a capital gain distribution, which is generally a taxable stock, bond, or other security from the sale of a business, from a real estate investment trust (REIT), or from dividends or other stock-based payments. For more details, see Form 8970, Tax Information Statement. S2‑E59 Capital Gains Tax Return Procedures. Taxpayers may be required to provide additional information or documents on Schedule D of the U.S. federal tax return to report certain capital gains. For more information, see Schedule D, Capital Deferred and Other Capital Gains (Form 1040). S2‑E59 Capital Gains Tax (Form 8621) Capital gains are the profits from the sale of capital assets, typically capital assets that increase in value. If we receive tax information, such as a Form 8970 from your business or REIT corporation, that lists the value of the business or real estate property that increased in value, we use it to figure how to treat your capital gains. How do we use tax information received from your business or REIT corporation? On Forms 8970, we apply rules from Internal Revenue Code sections 48 and 49, and sections 1091 and 1098­1.  Form 8970: General Capital Gains Tax Information Statement (Form 8970) We receive information on Form 8970 from your business or REIT corporation. We look into this information. It is used to figure the amount to give you on line 10(b)(2)(ii) of Form 1040. We are allowed to accept tax information from your business or REIT corporation if you have no other reason to be withholding taxes on your gains. If we accept your information, we determine whether it is correct, and if not, provide you with all the data needed to compute your taxes. Form 8970: Information Statement for General Capital Gains Tax Purposes Your business, REIT, or estate must file Form 8970 to report the following types of capital gains:  Unrealized capital gains —Gains you realize on the disposition of capital assets from before they were held or used in the trade or business of the non-resident alien individual, including the exchange, change of control, or disposition of any asset sold within 180 days before the disposition of the asset.

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