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Schedule D-1 (1041 Form) 2022-2023 for Moreno Valley California: What You Should Know

Use Form 1042 Schedule F to report income from any taxable estate or trust. Gains Report the following on Form 1041 Schedule D: • Gain on a sale of capital property • Gain on a sale of a business or depreciable property • Other income Source of Gain from Sale of Capital Property (as reported on your income tax return): • Income from the sale of real property and improvements, or from a contract with a nonresident entity • Income from the sale or other disposition of an interest in a cooperative housing development, public housing developer, or other community housing development • Gain on the sale of real property and improvements • Gain from a sale of a home, partnership interest, or an interest in a partnership interest Income reported on Schedule D can be received by the donor or transferee if he or she: • Received it (for example, as part of the gift or transfer of land) • Received it as a rollover if you converted a gift or transfer of land, or • Received it as income from a trust. Report any income or gain from selling property before it matures. See Rev. Pro. 2005-14 (1-2-05). The following table shows the different asset classes used for purposes of this table and the applicable reporting requirements. (see also Notice 2004-23, and the instructions for Schedule D) Table: Asset Classes Asset Class Qualified Gain Description 1040 Net operating loss (NOT). • Gain on certain sale of securities. • Gain on the sale of depreciable property. 20% Gain or loss on the sale of the following income-producing assets: • Property or equipment that is not eligible for treatment as ordinary income by reason of Section 1031 of the Tax Reform Act of 1986 (Pub. L. 99-514); and • Real estate. 15% Income from a partnership, as recognized under Section 2064 of the Internal Revenue Code, or from a trust. 10% Gain or loss on the sale of the following assets: • Partnership interest • Trusts and estates other than certain trusts (for example, trusts governed by a life estate and trusts for which the trust was created). 10% Gain or loss on the sale of real property and improvements Income reported on Schedule D can be received by the donor or transferee if he or she: • Received it (for example, as part of the gift or transfer of land) • Received it as a rollover if you converted a gift or transfer of land, or • Received it as income from a trust.

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