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I sold some assets. When would I report the sale as a "sale of business property" instead of a capital gain?

of capital assets not reported on Schedule D The gain or loss (including any related recapture) for partners and S corporation shareholders from certain section 179 property dispositions by partnerships (other than electing large partnerships...

What is "Qualified Production Activities Income (QPAI)"?

if any) of: Domestic production gross receipts (DPGR) MINUS The sum of: Cost of goods sold allocable to DPGR plus Other expenses, losses, or deductions allocable to DPGR. What is DPGR (Domestic Production Gross Receipts)? Generally, your DPGR...

South Carolina Tax on Active Trade/Business Income

a separate Worksheet 2 for each business. Worksheets 1 and 2 identify pass-through income and remove passive investment income and expenses related to passive investment, capital gains and losses, and guaranteed payments for personal services...

California Itemized Deductions

Adoption-Related Expenses – If you deducted adoption-related expenses on your federal Schedule A (Form 1040) and are claiming the adoption cost credit for the same amounts on your Form 540, enter the amount of the adoption cost credit...

What types of loans DO NOT qualify for the student loan interest deduction?

You cannot deduct student loan interest if the loan was from one of the following sources. Loans from these sources are not qualified student loans. A related person. A qualified employer plan. Related Person: You cannot deduct interest...

Missouri Additions to Income

Interest on State and Local Obligations If you received income from an obligation of a state or political subdivision other than Missouri , enter the amount of that income, reduced by the related expenses incurred (management fees, trustee...

Illinois NonResident and Part Year Deduction for Other Adjustments

is for an item of income (reported on Federal Form 1040, Lines 7-21, you may include a deduction to the extent that the income is included on your Illinois return. If the federal adjustment is an expenditure related to income, you may...

Idaho Donations

323-0482 or visit www.idso.org . American Red Cross of Greater Idaho Fund Contributions provide food, shelter, clothing, and other help for disaster victims. Also, funds supply items such as bedding and cots in areas around the state...

Kansas Credits

Development Credit: K-34 (for carry forward use only) Child Day Care Assistance Credit(employers only): K-56 Community Service Contribution Credit: K-60 Declared Disaster Capital Investment Credit: K-87 (for carry forward use only) Disabled...

Tax Documents Needed To Prepare Your Return

You can also deduct gambling losses as an itemized deduction, but you cannot deduct more than your winnings. To see a Sample W-2G Click here Form 1098 - For homeowners, this form reports mortgage interest that is tax deductible...