Santa Ana California Form 1041 (Schedule D) 2024-2025

Santa Ana California Form 1041 (Schedule D): What You Should Know

If no, › enter “N/A” 2022 Schedule D (Form 1041) — IRS You must complete the “other” category on this form. SCHEDULE D. (Form 1041). Department of the Treasury. Internal Revenue Service. Capital Gains and Losses. If you don't need or use Schedule D or Form 1041, you may complete  Capital Gains and Losses (Form 8949) in lieu of Form 1040NR: • If the value of the investment in the CFC on the date of disposal exceeds the value of the CFC's investment on the date of the sale, apply section 2041. • If the gain on the sale of the asset exceeds the gain from the sale of any other asset, and you haven't made a capital gain distribution to another person, use Schedule D (Form 1041). You may complete Schedule D (Form 1041) in lieu of Form 8949 if: • No net capital gain or loss is allocated for you, based on the CFC's investment that you disposed of. • Your holding period, based on the basis of the investment, is longer than 24 months. • The gain or loss allocated for you is less than the 250,000 thresholds. If you completed Schedule D (Form 1041) in lieu of Form 8949, then you cannot use Schedule A (Form 1045), Schedule B (Form 1045), or Form 8948 (and you must also complete the applicable paragraphs of Schedule D). If another person owned a CFC on the date of disposal as a CFC. You may apply section 2041 to your disposal on the basis that the net capital gain or loss allocated for the other person is a greater amount than the 250,000 thresholds, and the gain or loss allocated for you is less than the 250,000 thresholds. If you did not report an asset on this schedule at any time during the tax year, you may request an extension of time to report the asset by completing Form 8949, Request for Extension of Time to File. The request must be received by the date specified on the extension, if possible.

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