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Lakeland Florida Form 1065 - Schedule D-1: What You Should Know

FISCAL YEAR 2024 (Quarter-to-Date) Summary Report for Capital Gains and Losses—Capital gain or loss on sale or exchange of capital assets: Amounts of capital gain or loss on sale or exchange of capital assets may be reported for these situations as of the end of any quarter in a tax year, or the end of the fiscal year in which the capital gains and losses are made. For instance, you will report capital gains and losses as of the end of the tax year or the fiscal year. Please check with the Commissioner of Internal Revenue for guidance on whether the “income tax” or “tax” on this summary report is to be reported. You will report the “income tax” or “tax” either in box 19, or in column (D). If you report “income tax” in column (D) for all your exchanges of capital assets other than exchanges of a single-family dwelling (apartments and/or houses), you will owe 600. For exchanges of multiple-family dwellings, see Section 1-402, “Exchanges of Multiple-Family Dwellings,” and Section 1-406, “Other Changes in Financial Assets.” The 600 figure is not the total amount of the capital gain or loss on the sales. Capital gains and losses are usually reported in boxes 7 and/or 5 of Schedule D (Form 1065)—and are not reported to the “income tax” on the Summary Report. You will report the “income tax” or “tax” in box 19 of the Summary Report. If you have a nonrefundable filing requirement at the end of a year, report the amount in box 26 of Schedule D (Form 1065), rather than box 19 on the summary report. You can use this same format if you have a refundable tax liability on your return. Any other amounts, such as interest, are reported on Schedule E (Form 1040). When a change is made to your accounting system, you may need to update your information for your summary report. If so, this change must be clearly documented. If you are reporting in box 19 on Form 709, “Business Income and Loss” or Form 709-TR, “Nonbusiness Income and Loss,” you must include the current year's gain or loss on the original Form 709.

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