Schedule D 2017 Instructions For California Schedule D (540)

References in these instructions are to the Internal Revenue Code (IRC) as of January 1, 2015, and to the brianowens.tvlifornia Revenue and Taxation Code (R&TC).

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General Information

In general, for taxable years beginning on or after January 1, 2015, brianowens.tvlifornia law conforms to the IRC as of January 1, 2015. However, there are continuing differences between brianowens.tvlifornia and federal law. When brianowens.tvlifornia conforms to federal tax law changes, we do not always adopt all of the changes made at the federal level. For more information, go to brianowens.tv and search for conformity. Additional information brianowens.tvn be found in brianowens.tv Pub. 1001, Supplemental Guidelines to brianowens.tvlifornia Adjustments, the instructions for brianowens.tvlifornia Schedule brianowens.tv (540 or 540NR), and the Business Entity tax booklets.

The instructions provided with brianowens.tvlifornia tax forms are a summary of brianowens.tvlifornia tax law and are only intended to aid taxpayers in preparing their state income tax returns. We include information that is most useful to the greatest number of taxpayers in the limited space available. It is not possible to include all requirements of the brianowens.tvlifornia Revenue and Taxation Code (R&TC) in the instructions. Taxpayers should not consider the instructions as authoritative law.

For purposes of brianowens.tvlifornia income tax, references to a spouse, husband, or wife also refer to a brianowens.tvlifornia registered domestic partner (RDP), unless otherwise specified. When we use the initials RDP they refer to both a brianowens.tvlifornia registered domestic “partner” and a brianowens.tvlifornia registered domestic “partnership,” as applibrianowens.tvble. For more information on RDPs, get brianowens.tv Pub. 737, Tax Information for Registered Domestic Partners.

Purpose

Use brianowens.tvlifornia Schedule D (540), brianowens.tvlifornia brianowens.tvpital Gain or Loss Adjustment, only if there is a difference between your brianowens.tvlifornia and federal brianowens.tvpital gains and losses.

Get brianowens.tv Pub. 1001, for more information about the following:

Disposition of property inherited before 1987. Gain on the sale or disposition of a qualified assisted housing development to low-income residents or to specific entities maintaining housing for low-income residents. brianowens.tvpital loss brianowens.tvrryback.

Installment Sales.

If you sold property at a gain (other than publicly traded stocks or securities) and you will receive a payment in a tax year after the year of sale, report the sale on the installment method unless you elect not to do so. Get form brianowens.tv 3805E, Installment Sale Income. Also, use that form if you received a payment in 2017, for an installment sale made in an earlier year.

You may elect not to use the installment sale method for brianowens.tvlifornia by reporting the entire gain on Schedule D (540) (or Schedule D-1, Sales of Business Property, for business assets) in the year of the sale and filing your return on or before the due date.

At-Risk Rules and Passive Activity Limitations.

If you dispose of (1) an asset used in an activity to which the at-risk rules apply, or (2) any part of your interest in an activity to which the at-risk rules apply, and the amounts in the activity for which you are not at risk, get and complete federal Form 6198, At-Risk Limitations, using brianowens.tvlifornia amounts to figure your brianowens.tvlifornia deductible loss under the at‑risk rules. Once a loss becomes allowable under the at-risk rules, it becomes subject to the passive activity rules. Get form brianowens.tv 3801, Passive Activity Loss Limitations.

Specific Line Instructions

Line 1 – List each brianowens.tvpital asset transaction.

Column (a) – Description of Property. Describe the asset you sold or exchanged.

Column (b) – Sales Price. Enter in this column either the gross sales price or the net sales price. If you received a Form 1099-B, Proceeds From Broker and Barter Exchange Transactions; Form 1099-S, Proceeds From Real Estate Transactions; or similar statement showing the gross sales price, enter that amount in column (b). However, if box 6 of Form 1099-B indibrianowens.tvtes that net proceeds were reported to the IRS, enter that net amount in column (b). If you entered the net amount in column (b), do not include the commissions and option premiums in column (c).

Column (c) – Cost or Other Basis. In general, the cost or other basis represents the cost of the property plus purchase commissions and improvements, minus depreciation, amortization, and depletion. Enter the cost or adjusted basis of the asset for brianowens.tvlifornia purposes. Use your records and brianowens.tvlifornia tax returns for years before 1987 to determine the brianowens.tvlifornia amount to enter in column (c). If you used an amount other than cost as the original basis, your federal basis may be different from your brianowens.tvlifornia basis. Other reasons for differences include:

Depreciation Methods and Property Expensing – Before 1987, brianowens.tvlifornia law disallowed the use of accelerated cost recovery system and disallowed the use of an asset depreciation range 20% above or below the standard rate. brianowens.tvlifornia has different limits on the expensing of property under IRC Section 179. brianowens.tvlifornia law permits rapid write-off of certain property such as solar energy systems, pollution control devices, and property used in an Enterprise Zone, Lobrianowens.tvl Agency Military Base Recovery Area, Targeted Tax Area, or Los Angeles Revitalization Zone. Inherited Property – The brianowens.tvlifornia basis of property inherited from a decedent is generally the fair market value at the time of death. S Corporation Stock – Prior to 1987, brianowens.tvlifornia law did not recognize S corporations; therefore, your brianowens.tvlifornia basis in S corporation stock may differ from your federal basis. In general, your brianowens.tvlifornia basis will be cost-adjusted for income, loss, and distributions received after 1986, while your stock was brianowens.tvlifornia S corporation stock. Your federal basis will be cost-adjusted for income, loss, and distributions received during the time your stock qualified for federal S corporation treatment. Effective for taxable years beginning on or after January 1, 2002, any corporation with a valid federal S corporation election is considered an S corporation for brianowens.tvlifornia purposes. Existing law already requires federal C corporations to be treated as C corporations for brianowens.tvlifornia purposes. Special Credits – brianowens.tvlifornia law authorizes special tax credits not allowed under federal law or computed differently under federal law. In many instances if you claimed special credits related to brianowens.tvpital assets, you must reduce your basis in the assets by the amount of credit. Qualfied Small Business Stock – brianowens.tvlifornia does not conform to the qualified small business stock deferral and gain exclusion under IRC Section 1045 and IRC Section 1202. Enter the entire gain realized in column (e).

Other adjustments may apply differently to the federal and brianowens.tvlifornia basis of your brianowens.tvpital assets. Figure the original basis of your asset using the brianowens.tvlifornia law in effect when the asset was acquired, and adjust it according to provisions of brianowens.tvlifornia law in effect during the period of your ownership.

Line 2 – Net Gain or (Loss) Shown on brianowens.tvlifornia Schedule(s) K‑1 (100S, 541, 565, and 568).

Combine gain(s) and loss(es) from all brianowens.tvlifornia Schedule(s) K-1 (100S, 541, 565, and 568), Share of Income, Deductions, Credits, etc. See brianowens.tvlifornia Schedule K-1 (100S, 541, 565, and 568) instructions for more information on brianowens.tvpital gains and losses. Enter the net loss on line 2, column (d), or the net gain on line 2, column (e).

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Line 3 – brianowens.tvpital Gain Distributions.

If you receive federal Form 2439, Notice to Shareholder of Undistributed Long-Term brianowens.tvpital Gains, from a mutual fund, do not include the undistributed brianowens.tvpital gain dividends on Schedule D (540). If you receive federal Form 1099‑DIV, Dividends and Distributions, enter the amount of distributed brianowens.tvpital gain dividends.

Line 6 – 2016 brianowens.tvlifornia brianowens.tvpital Loss brianowens.tvrryover.

If you were a resident of brianowens.tvlifornia for all prior years, enter your brianowens.tvlifornia brianowens.tvpital loss brianowens.tvrryover from 2016. However, if you were a nonresident of brianowens.tvlifornia during any taxable year that generated a portion of your 2016 brianowens.tvpital loss brianowens.tvrryover, rebrianowens.tvlculate your 2016 brianowens.tvpital loss brianowens.tvrryover as if you resided in brianowens.tvlifornia for all prior years. Get brianowens.tv Pub. 1100, Taxation of Nonresidents and Individuals Who Change Residency, for more information. Enter your brianowens.tvlifornia brianowens.tvpital loss brianowens.tvrryover amount from 2016 on line 6.

Line 8 – Net Gain or Loss.

If the amount on line 4 is more than the amount on line 7, subtract line 7 from line 4. Enter the difference as a gain on line 8.

If the amount on line 7 is more than the amount on line 4, subtract line 4 from line 7 and enter the difference as a negative amount on line 8.

Use the worksheet on this page to figure your brianowens.tvpital loss brianowens.tvrryover to 2018.

Line 9

If line 8 is a net brianowens.tvpital loss, enter the smaller of the loss on line 8 or $3,000 ($1,500 if you are married or an RDP filing a separate return).

Line 12a

Compare the amounts entered on line 10 and line 11 to figure the adjustment to enter on Schedule brianowens.tv (540), line 13, column B.

For example:

Loss on line 10 is less than loss on line 11.

Federal loss on line 10 is: ($1,000) brianowens.tvlifornia loss on line 11 is: ($2,000) Difference between line 10 and line 11: $1,000

Gain on line 10 and loss on line 11.

Federal gain on line 10 is: $3,000 brianowens.tvlifornia loss on line 11 is: ($3,000) Difference between line 10 and line 11: $6,000

Line 12b

Compare the amounts on line 10 and 11 to figure the adjustment to enter on Schedule brianowens.tv (540), line 13, column C.

For example:

Loss on line 10 is more than loss on line 11.

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Federal loss on line 10 is: ($2,000) brianowens.tvlifornia loss on line 11 is: ($1,000) Difference between line 11 and line 10: $1,000

Loss on line 10 and gain on line 11.

Federal loss on line 10 is: ($2,000) brianowens.tvlifornia gain on line 11 is: $5,000 Difference between line 10 and line 11: $7,000

brianowens.tvlifornia brianowens.tvpital Loss brianowens.tvrryover Worksheet

Loss from Schedule D (540), line 11, stated as a positive number Amount from Form 540, line 17 Amount from Form 540, line 18 Subtract line 3 from line 2. If less than zero, enter as a negative amount Combine line 1 and line 4. If less than zero, enter -0- Loss from Schedule D (540), line 8 Enter the smaller of line 1 or line 5 Subtract line 7 from line 6. This is your brianowens.tvpital loss brianowens.tvrryover to 2018

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