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What CAN and CANNOT be deducted as a Casualty or a Loss?

What CAN be deducted? You can deduct losses from fire, storm, flood, shipwreck, or other casualty. You can also deduct losses from thefts such as larceny, embezzlement, and robbery. You can even deduct the loss of deposits because...

Forms and Schedules

only on the 1040. Allows for Capital Gains/Losses, IRAs, K-1s, etc. Automatically created by entering information into program. Supporting Forms These forms are used to do the calculations for figures that are reported on the 1040. Schedules...

What is a "Collectible Exchange"?

If you had capital gains or losses that you need to report on your return, there is certain information about the sale that you must know that will affect how your transaction gets treated: the purchase and sale dates, the cost to you...

Mississippi Income Subject to Tax

the amount of capital gain or loss. Mississippi generally follows IRS rules concerning computation of capital gains and losses. Capital loss deductions are subject to the same limitations as federal. However, Mississippi does not have...

Massachusetts Schedule B

Interest, Dividends and Certain Capital Gains and Losses You must file Massachusetts Schedule B if you had: Dividend income in excess of $1,500 Any interest income other than from Massachusetts banks taxed at 5.3% Short-term capital gains...

1099-B: Proceeds from Broker and Barter Transactions

Capital gains and losses occur when a taxpayer sells a capital asset such as stocks, bonds, or the sale of you main home. If you received a Form 1099-B from a broker or barter transaction, this is generally reported on a Schedule D...

Wisconsin Schedule WD

If your federal adjusted gross income includes capital gains and/or losses, you must complete Schedule WD. Schedule WD determines whether any capital gain/loss addition must be reported on line 3. For example, after completing Schedule WD...

What is a "capital asset"?

have a capital gain if you sell the asset for more than your basis. You have a capital loss if you sell the asset for less than your basis. Losses from the sale of personal–use property, such as your home or car, are not deductible. Capital...

How do I report the Sale of Timber?

access the Schedule D within our program by going to Federal Section > Income (Enter Myself) > Capital Gain and Losses. Ordinary Income : If you receive income from the sale of lumber, logs or other products produced by the timber itself...

Wisconsin Additions to Income

and will appear on line 4 of your state Form 1. The item's code number will be listed, along with the amount you enter. Farm Losses - Code 01 An addition may be required if farm losses were deducted on your federal tax return and you were...