Instructions for Form 1040 Schedule D |
2006 Tax Year |
This is archived information that pertains only to the 2006 Tax Year. If you are looking for information for the current tax year, go to the Tax Prep Help Area.
Enter all sales and exchanges of capital assets, including stocks, bonds, etc., and real estate (if not reported on Form 4684,
4797, 6252, 6781, or
8824). But do not report the sale or exchange of your main home unless required (see page D-2). Include these transactions
even if you did not receive
a Form 1099-B or 1099-S (or substitute statement) for the transaction. You can use stock ticker symbols or abbreviations to
describe the property as
long as they are based on the descriptions of the property as shown on Form 1099-B or 1099-S (or substitute statement).
You must enter the details of each transaction on a separate line of Schedule D. If you have more than five transactions to
report on line 1 or
line 8, you can report the additional transactions on Schedule D-1. Instead of reporting your transactions on Schedules D
and D-1, you can report them
on an attached statement containing all the same information as Schedules D and D-1 and in a similar format. Use as many Schedules
D-1 or attached
statements as you need. Enter on Schedule D, lines 2 and 9, the combined totals from all your Schedules D-1 or the attached
statements. Do not enter
“available upon request” and summary totals in lieu of reporting the details of each transaction on Schedules D and D-1 or attached statements.
Add the following amounts reported to you for 2006 on Forms 1099-B and 1099-S (or substitute statements) that you are not
reporting on another
form or schedule included with your return: (a) proceeds from transactions involving stocks, bonds, and other securities and
(b) gross proceeds from
real estate transactions (other than the sale of your main home if you are not required to report it). If this total is more
than the total of lines 3
and 10, attach an explanation of the difference (for example, you were the nominee for the actual owner of the property).
Enter in this column the date you acquired the asset. Use the trade date for stocks and bonds traded on an exchange or over-the-counter
market. For
stock or other property sold short, enter the date the stock or property was delivered to the broker or lender to close the
short sale.
The date acquired for an asset you held on January 1, 2001, for which you made an election to recognize any gain in a deemed
sale is the date of
the deemed sale and reacquisition.
If you disposed of property that you acquired by inheritance, report the gain or (loss) on line 8 and enter “INHERITED” in column (b) instead
of the date you acquired the property.
If you sold a block of stock (or similar property) that you acquired through several different purchases, you may report the
sale on one line and
enter “VARIOUS” in column (b). However, you still must report the short-term gain or (loss) on the sale in Part I and the long-term gain
or
(loss) in Part II.
Enter in this column the date you sold the asset. Use the trade date for stocks and bonds traded on an exchange or over-the-counter
market. For
stock or other property sold short, enter the date you sold the stock or property you borrowed to open the short sale transaction.
Enter in this column either the gross sales price or the net sales price from the sale. If you sold stocks or bonds and you
received a Form 1099-B
(or substitute statement) from your broker that shows gross sales price, enter that amount in column (d). But if Form 1099-B
(or substitute statement)
indicates that gross proceeds minus commissions and option premiums were reported to the IRS, enter that net amount in column
(d). If you enter the
net amount in column (d), do not include the commissions and option premiums from the sale in column (e).
You should not have received a Form 1099-B (or substitute statement) for a transaction merely representing the return of your
original investment
in a nontransferable obligation, such as a savings bond or a certificate of deposit. But if you did, report the amount shown
on Form 1099-B (or
substitute statement) in both columns (d) and (e).
Be sure to add all sales price entries on lines 1 and 8, column (d), to amounts on lines 2 and 9, column (d). Enter the totals
on lines 3 and
10.
Column (e)—Cost or Other Basis
In general, the cost or other basis is the cost of the property plus purchase commissions and improvements, minus depreciation,
amortization, and
depletion. If you inherited the property, got it as a gift, or received it in a tax-free exchange, involuntary conversion,
or “wash sale” of
stock, you may not be able to use the actual cost as the basis. If you do not use the actual cost, attach an explanation of
your basis.
If you sold stock, adjust your basis by subtracting all the nondividend distributions you received before the sale. Also adjust
your basis for any
stock splits. See Pub. 550 for details.
If you elected to recognize gain on an asset held on January 1, 2001, your basis in the asset is its closing market price
or fair market value,
whichever applies, on the date of the deemed sale and reacquisition, whether the deemed sale resulted in a gain or an unallowed
loss.
You may elect to use an average basis for all shares of a mutual fund if you acquired the shares at various times and prices
and you left the
shares on deposit in an account handled by a custodian or agent who acquired or redeemed those shares. If you are reporting
an average basis, include
“AVGB” in column (a) of Schedule D. For details on making the election and how to figure average basis, see Pub. 564.
The basis of property acquired by gift is generally the basis of the property in the hands of the donor. The basis of property
acquired from a
decedent is generally the fair market value at the date of death. See Pub. 551 for details.
Increase the cost or other basis of an original issue discount (OID) debt instrument by the amount of OID that has been included
in gross income
for that instrument. See Pub. 550 for details.
If a charitable contribution deduction is allowed because of a bargain sale of property to a charitable organization, the
adjusted basis for
purposes of determining gain from the sale is the amount that has the same ratio to the adjusted basis as the amount realized
has to the fair market
value. See Pub. 544 for details.
Increase your cost or other basis by any expense of sale, such as broker's fees, commissions, state and local transfer taxes,
and option premiums,
before making an entry in column (e), unless you reported the net sales price in column (d).
For more details, see Pub. 551.
Column (f)—Gain or (Loss)
You must make a separate entry in this column for each transaction reported on lines 1 and 8 and any other line(s) that applies
to you. For lines 1
and 8, subtract the amount in column (e) from the amount in column (d). Enter negative amounts in parentheses.
Capital Loss Carryover Worksheet—Lines 6 and 14
Use this worksheet to figure your capital loss carryovers from 2005 to 2006 if your 2005 Schedule D, line 21, is a loss and
(a) that loss is a smaller loss than the loss on your 2005 Schedule D, line 16, or(b) the amount on your 2005 Form
1040, line 41 (or your 2005 Form 1040NR, line 38, if applicable), reduced by any amount on your 2005 Form 8914, line 2, is
less than zero. Otherwise,
you do not have any carryovers.
1.
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Enter the amount from your 2005 Form 1040, line 41, or Form 1040NR, line 38. If a
loss, enclose the amount in parentheses
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1.
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2.
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Did you file Form 8914 (to claim an exemption amount for housing someone displaced by
Hurricane Katrina) for 2005?
No. Enter -0-.
Yes. Enter the amount from your 2005 Form 8914, line 2
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2.
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3.
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Subtract line 2 from line 1. If the result is less than zero, enclose it in
parentheses
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3.
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4.
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Enter the loss from your 2005 Schedule D, line 21, as a positive amount
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4.
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5.
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Combine lines 3 and 4. If zero or less, enter -0-
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5.
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6.
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Enter the smaller of line 4 or line 5
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6.
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If line 7 of your 2005 Schedule D is a loss, go to line 7; otherwise,
enter -0- on line 7 and go to line 11.
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7.
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Enter the loss from your 2005 Schedule D, line 7, as a positive amount
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7.
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8.
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Enter any gain from your 2005 Schedule D, line 15. If a loss, enter -0-
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8.
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9.
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Add lines 6 and 8
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9.
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10.
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Short-term capital loss carryover for 2006. Subtract line 9 from line 7.
If zero or less, enter -0-. If more than zero, also enter this amount on Schedule D, line 6
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10.
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If line 15 of your 2005 Schedule D is a loss, go to line 11; otherwise,
skip lines 11 through 15.
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11.
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Enter the loss from your 2005 Schedule D, line 15, as a positive amount
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11.
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12.
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Enter any gain from your 2005 Schedule D, line 7. If a loss, enter -0-
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12.
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13.
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Subtract line 7 from line 6. If zero or less, enter -0-
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13.
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14.
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Add lines 12 and 13
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14.
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15.
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Long-term capital loss carryover for 2006. Subtract line 14 from line 11.
If zero or less, enter -0-. If more than zero, also enter this amount on Schedule D, line 14
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15.
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If you checked “Yes” on line 17, complete the worksheet on page D-8 if either of the following apply for 2006.
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You reported in Part II a section 1202 exclusion from the eligible gain on qualified small business stock (see page D-4),
or
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You reported in Part II a collectibles gain or (loss). A collectibles gain or (loss) is any long-term gain or deductible long-term
loss from
the sale or exchange of a collectible that is a capital asset.
Collectibles
include works of art, rugs, antiques, metals (such as gold, silver, and platinum bullion), gems, stamps, coins,
alcoholic beverages, and certain other tangible property.
Include on the worksheet any gain (but not loss) from the sale or exchange of an interest in a partnership, S corporation,
or trust held for more
than 1 year and attributable to unrealized appreciation of collectibles. For details, see Regulations section 1.1(h)-1. Also,
attach the statement
required under Regulations
section 1.1(h)-1(e).
28% Rate Gain Worksheet—Line 18
1.
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Enter the total of all collectibles gain or (loss) from items you reported on line 8,
column (f), of Schedules D and D-1
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1.
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2.
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Enter as a positive number the amount of any section 1202 exclusion you reported on
line 8, column (f), of Schedules D and D-1, for which you excluded 50% of the gain, plus ⅔ of any section 1202 exclusion you
reported
on line 8, column (f), of Schedules D and D-1, for which you excluded 60% of the gain
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2.
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3.
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Enter the total of all collectibles gain or (loss) from Form 4684, line 4 (but only
if Form 4684, line 15, is more than zero); Form 6252; Form 6781, Part II; and Form 8824
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3.
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4.
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Enter the total of any collectibles gain reported to you on:
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4.
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5.
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Enter your long-term capital loss carryovers from Schedule D, line 14, and Schedule
K-1 (Form 1041),
box 11, code C
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5.
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()
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6.
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If Schedule D, line 7, is a (loss), enter that (loss) here. Otherwise, enter
-0-
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6.
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()
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7.
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Combine lines 1 through 6. If zero or less, enter -0-. If more than zero, also enter
this amount on
Schedule D, line 18
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7.
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If you checked “Yes” on line 17, complete the worksheet on page D-9 if any of the following apply for 2006.
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You sold or otherwise disposed of section 1250 property (generally, real property that you depreciated) held more than 1 year.
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You received installment payments for section 1250 property held more than 1 year for which you are reporting gain on the
installment
method.
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You received a Schedule K-1 from an estate or trust, partnership, or S corporation that shows “unrecaptured section 1250
gain.”
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You received a Form 1099-DIV or Form 2439 from a real estate investment trust or regulated investment company (including a
mutual fund) that
reports “unrecaptured section 1250 gain.”
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You reported a long-term capital gain from the sale or exchange of an interest in a partnership that owned section 1250
property.
Instructions for the Unrecaptured Section 1250 Gain Worksheet
Lines 1 through 3.
If you had more than one property described on line 1, complete lines 1 through 3 for each property on a separate
worksheet. Enter the total of the
line 3 amounts for all properties on line 3 and go to line 4.
Line 4.
To figure the amount to enter on line 4, follow the steps below for each installment sale of trade or business property
held more than 1 year.
Step 1.
Figure the smaller of (a) the depreciation allowed or allowable or (b) the total gain for the sale. This is the smaller
of line 22 or line 24 of
your 2006 Form 4797 (or the comparable lines of Form 4797 for the year of sale) for the property.
Step 2.
Reduce the amount figured in step 1 by any section 1250 ordinary income recapture for the sale. This is the amount
from line 26g of your 2006 Form
4797 (or the comparable line of Form 4797 for the year of sale) for the property. The result is your total unrecaptured section
1250 gain that must be
allocated to the installment payments received from the sale.
Step 3.
Generally, the amount of section 1231 gain on each installment payment is treated as unrecaptured section 1250 gain
until the total unrecaptured
section 1250 gain figured in step 2 has been used in full. Figure the amount of gain treated as unrecaptured section 1250
gain for installment
payments received in 2006 as the smaller of (a) the amount from line 26 or line 37 of your 2006 Form 6252, whichever applies,
or (b) the amount of
unrecaptured section 1250 gain remaining to be reported. This amount is generally the total unrecaptured section 1250 gain
for the sale reduced by all
gain reported in prior years (excluding section 1250 ordinary income recapture). However, if you chose not to treat all of
the gain from payments
received after May 6, 1997, and before August 24, 1999, as unrecaptured section 1250 gain, use only the amount you chose to
treat as unrecaptured
section 1250 gain for those payments to reduce the total unrecaptured section 1250 gain remaining to be reported for the sale.
Include this amount on
line 4.
Line 10.
Include on line 10 your share of the partnership's unrecaptured section 1250 gain that would result if the partnership
had transferred all of its
section 1250 property in a fully taxable transaction immediately before you sold or exchanged your interest in that partnership.
If you recognized
less than all of the realized gain, the partnership will be treated as having transferred only a proportionate amount of each
section 1250 property.
For details, see Regulations section 1.1(h)-1. Also attach the statement required under Regulations
section 1.1(h)-1(e).
Line 12.
An example of an amount to include on line 12 is unrecaptured section 1250 gain from the sale of a vacation home you
previously used as a rental
property but converted to personal use prior to the sale. To figure the amount to enter on line 12, follow the applicable
instructions below.
Installment sales.
To figure the amount to include on line 12, follow the steps below for each installment sale of property held more
than 1 year for which you did
not make an entry in Part I of your Form 4797 for the year of sale.
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Step 1. Figure the smaller of (a) the depreciation allowed or allowable or (b) the total gain for the sale. This is the smaller
of line 22
or line 24 of your 2006 Form 4797 (or the comparable lines of Form 4797 for the year of sale) for the property.
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Step 2. Reduce the amount figured in step 1 by any section 1250 ordinary income recapture for the sale. This is the amount
from line 26g of
your 2006 Form 4797 (or the comparable line of Form 4797 for the year of sale) for the property. The result is your total
unrecaptured section 1250
gain that must be allocated to the installment payments received from the sale.
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Step 3. Generally, the amount of capital gain on each installment payment is treated as unrecaptured section 1250 gain until
the total
unrecaptured section 1250 gain figured in step 2 has been used in full. Figure the amount of gain treated as unrecaptured
section 1250 gain for
installment payments received in 2006 as the smaller of (a) the amount from line 26 or line 37 of your 2006 Form 6252, whichever
applies, or (b) the
amount of unrecaptured section 1250 gain remaining to be reported. This amount is generally the total unrecaptured section
1250 gain for the sale
reduced by all gain reported in prior years (excluding section 1250 ordinary income recapture). However, if you chose not
to treat all of the gain
from payments received after May 6, 1997, and before August 24, 1999, as unrecaptured section 1250 gain, use only the amount
you chose to treat as
unrecaptured section 1250 gain for those payments to reduce the total unrecaptured section 1250 gain remaining to be reported
for the sale. Include
this amount on line 12.
Other sales or dispositions of section 1250 property.
For each sale of property held more than 1 year (for which you did not make an entry in Part I of Form 4797), figure
the smaller of (a) the
depreciation allowed or allowable or (b) the total gain for the sale. This is the smaller of line 22 or line 24 of Form 4797
for the property. Next,
reduce that amount by any section 1250 ordinary income recapture for the sale. This is the amount from line 26g of Form 4797
for the property. The
result is the total unrecaptured section 1250 gain for the sale. Include this amount on line 12.
Unrecaptured Section 1250 Gain Worksheet—Line 19
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If you are not reporting a gain on Form 4797, line 7, skip lines 1 through 9 and go to
line 10.
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1.
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If you have a section 1250 property in Part III of Form 4797 for which you made an entry in
Part I of Form 4797 (but not on Form 6252), enter the smaller of line 22 or line 24 of Form 4797 for that property. If you did not have any
such property, go to line 4. If you had more than one such property, see instructions
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1.
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2.
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Enter the amount from Form 4797, line 26g, for the property for which you made an entry on
line 1
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2.
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3.
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Subtract line 2 from line 1
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3.
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4.
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Enter the total unrecaptured section 1250 gain included on line 26 or line 37 of Form(s) 6252
from installment sales of trade or business property held more than 1 year (see instructions)
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4.
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5.
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Enter the total of any amounts reported to you on a Schedule K-1 from a partnership or an S
corporation as “unrecaptured section 1250 gain”
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5.
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6.
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Add lines 3 through 5
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6.
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7.
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Enter the smaller of line 6 or the gain from Form 4797, line 7
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7.
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8.
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Enter the amount, if any, from Form 4797, line 8
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8.
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9.
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Subtract line 8 from line 7. If zero or less, enter -0-
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9.
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10.
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Enter the amount of any gain from the sale or exchange of an interest in a partnership
attributable to unrecaptured section 1250 gain (see instructions)
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10.
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11.
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Enter the total of any amounts reported to you on a Schedule K-1, Form 1099-DIV, or Form 2439
as “unrecaptured section 1250 gain” from an estate, trust, real estate investment trust, or mutual fund (or other regulated investment
company)
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11.
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12.
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Enter the total of any unrecaptured section 1250 gain from sales (including installment
sales) or other dispositions of section 1250 property held more than 1 year for which you did not make an entry in Part I
of Form 4797 for the year of
sale (see instructions)
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12.
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13.
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Add lines 9 through 12
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13.
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14.
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If you had any section 1202 gain or collectibles gain or (loss), enter the total of lines 1 through 4 of the 28% Rate
Gain Worksheet on page D-7. Otherwise, enter -0-
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14.
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15.
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Enter the (loss), if any, from Schedule D, line 7. If Schedule D, line 7, is zero or a gain, enter -0-
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15.
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16.
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Enter your long-term capital loss carryovers from Schedule D, line 14, and Schedule K-1 (Form 1041), box 11, code
C
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16.
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()
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17.
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Combine lines 14 through 16. If the result is a (loss), enter it as a positive amount. If the
result is zero or a gain, enter -0-
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17.
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18.
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Unrecaptured section 1250 gain. Subtract line 17 from line 13. If zero or less,
enter -0-. If more than zero, enter the result here and on Schedule D, line 19
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18.
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You have a capital loss carryover from 2006 to 2007 if you have a loss on line 16 and either:
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That loss is more than the loss on line 21, or
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The amount on Form 1040, line 41 (or Form 1040NR, line 38, if applicable), reduced by any amount on line 6 of Form 8914 (relating
to an
exemption for housing someone displaced by Hurricane Katrina), is less than zero.
To figure any capital loss carryover to 2007, you will use the Capital Loss Carryover Worksheet in the 2007 Instructions for
Schedule D. If you
want to figure your carryover now, see Pub. 550.
You will need a copy of your 2006 Form 1040 and Schedule D to figure your capital loss carryover to 2007.
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Complete this worksheet only if line 18 or line 19 of Schedule D is more than zero. Otherwise,
complete the Qualified Dividends and Capital Gain Tax Worksheet on page 38 of the Instructions for Form 1040 (or in the Instructions
for Form 1040NR)
to figure your tax. |
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Exception: Do not use the Qualified Dividends and Capital Gain Tax Worksheet or this worksheet to figure your tax if:
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Line 15 or line 16 of Schedule D is zero or less and you have no qualified dividends on Form 1040, line 9b (or Form 1040NR, line
10b); or
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Form 1040, line 43 (or Form 1040NR, line 40) is zero or less.
Instead, see the instructions for Form 1040, line 44 (or Form 1040NR, line 41).
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1.
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Enter your taxable income from Form 1040, line 43 (or Form 1040NR, line
40)
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1.
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2.
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Enter your qualified dividends from Form 1040, line 9b (or Form 1040NR, line
10b)
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2.
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3.
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Enter the amount from Form 4952, line 4g
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3.
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4.
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Enter the amount from Form 4952, line 4e*
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4.
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5.
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Subtract line 4 from line 3. If zero or less, enter -0-
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5.
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6.
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Subtract line 5 from line 2. If zero or less, enter -0-
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6.
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7.
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Enter the smaller of line 15 or line 16 of Schedule D
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7.
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8.
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Enter the smaller of line 3 or line 4
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8.
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9.
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Subtract line 8 from line 7. If zero or less, enter -0-
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9.
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10.
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Add lines 6 and 9
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10.
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11.
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Add lines 18 and 19 of Schedule D
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11.
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12.
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Enter the smaller of line 9 or line 11
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12.
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13.
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Subtract line 12 from line 10
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13.
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14.
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Subtract line 13 from line 1. If zero or less, enter -0-
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14.
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15.
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Enter the smaller of:
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• The amount on line 1 or •$30,650 if single or married filing separately;
$61,300 if married filing jointly or qualifying widow(er); or |
$41,050 if head of household |
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15.
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16.
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Enter the smaller of line 14 or line 15
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16.
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17.
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Subtract line 10 from line 1. If zero or less, enter -0-
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17.
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18.
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Enter the larger of line 16 or line 17
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18.
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If lines 15 and 16 are the same, skip lines 19 and 20 and go to line 21. Otherwise, go to
line 19.
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19.
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Subtract line 16 from line 15
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19.
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20.
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Multiply line 19 by 5% (.05)
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20.
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If lines 1 and 15 are the same, skip lines 21 through 33 and go to line 34. Otherwise, go
to line 21.
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21.
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Enter the smaller of line 1 or line 13
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21.
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22.
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Enter the amount from line 19 (if line 19 is blank, enter -0-)
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22.
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23.
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Subtract line 22 from line 21. If zero or less, enter -0-
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23.
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24.
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Multiply line 23 by 15% (.15)
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24.
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If Schedule D, line 19, is zero or blank, skip lines 25 through 30 and go to line 31.
Otherwise, go to line 25.
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25.
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Enter the smaller of line 9 above or Schedule D, line 19
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25.
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26.
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Add lines 10 and 18
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26.
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27.
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Enter the amount from line 1 above
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27.
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28.
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Subtract line 27 from line 26. If zero or less, enter -0-
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28.
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29.
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Subtract line 28 from line 25. If zero or less, enter -0-
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29.
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30.
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Multiply line 29 by 25% (.25)
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30.
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If Schedule D, line 18, is zero or blank, skip lines 31 through 33 and go to line 34.
Otherwise, go to line 31.
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31.
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Add lines 18, 19, 23, and 29
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31.
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32.
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Subtract line 31 from line 1
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32.
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33.
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Multiply line 32 by 28% (.28)
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33.
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34.
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Figure the tax on the amount on line 18. Use the Tax Table or Tax
Computation Worksheet, whichever applies
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34.
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35.
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Add lines 20, 24, 30, 33, and 34
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35.
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36.
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Figure the tax on the amount on line 1. Use the Tax Table or Tax
Computation Worksheet, whichever applies
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36.
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37.
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Tax on all taxable income (including capital gains and qualified
dividends). Enter the smaller of line 35 or line 36. Also include this amount on Form 1040, line 44 (or Form 1040NR, line 41)
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37.
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*If applicable, enter instead the smaller amount you entered on the dotted line
next to line 4e of Form 4952.
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