Form Cg "Idaho Capital Gains Deduction" - Idaho

Form CG or the "Idaho Capital Gains Deduction" is a form issued by the Idaho State Tax Commission.

Download a fillable PDF version of the Form CG down below or find it on the Idaho State Tax Commission Forms website.

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CG
2017
F
IDAHO CAPITAL GAINS DEDUCTION
O
R
M
(See instructions for qualifying Idaho property)
EFO00093
06-13-2017
Social Security number
Name(s) as shown on return
1. List qualifying capital gains and losses not included on lines 2 through 5 below.
a. Description of property
b. Date acquired
c. Date sold
d. Sales price
e. Cost or other basis
f. Gain or (loss)
and Idaho location
(mo., day, yr.)
(mo., day, yr.)
2. Qualifying capital gain from sale of personal residence from federal Schedule D.
Idaho address of personal residence sold ________________________________________________
2
3. Qualifying capital gain or (loss) from installment sales. Include federal Form 6252.
Idaho location of property sold on installment _____________________________________________
3
4. Qualifying capital gain or (loss) from sales of business property. Include federal Form 4797.
Idaho location of business property _____________________________________________________
4
5. Qualifying capital gain or (loss) from partnerships, S corporations, estates, or trusts.
b. Date acquired
c. Date sold
d. Pass-through entity
e. Distributive share
a. Description of property and Idaho location
(mo., day, yr.)
(mo., day, yr.)
(PTE) EIN
of gain or (loss)
6. Add amounts in column f of line 1 and lines 2 through 4, and amounts in column e of line 5 .................
6
7. Qualifying capital loss carryover. See instructions ..................................................................................
7
8. Net gain or (loss). Subtract line 7 from line 6 ............................................................................................
8
9. If line 8 is a gain, multiply line 8 by 60% ...................................................................................................
9
10. Capital gain net income included in federal adjusted gross income. See instructions ............................. 10
11. Enter the smaller of line 9 or 10 here and on Form 39R, Part B, line 10, or Form 39NR, Part B, line 6 ... 11
Include additional schedules as needed to report all qualifying capital gains and losses.
CG
2017
F
IDAHO CAPITAL GAINS DEDUCTION
O
R
M
(See instructions for qualifying Idaho property)
EFO00093
06-13-2017
Social Security number
Name(s) as shown on return
1. List qualifying capital gains and losses not included on lines 2 through 5 below.
a. Description of property
b. Date acquired
c. Date sold
d. Sales price
e. Cost or other basis
f. Gain or (loss)
and Idaho location
(mo., day, yr.)
(mo., day, yr.)
2. Qualifying capital gain from sale of personal residence from federal Schedule D.
Idaho address of personal residence sold ________________________________________________
2
3. Qualifying capital gain or (loss) from installment sales. Include federal Form 6252.
Idaho location of property sold on installment _____________________________________________
3
4. Qualifying capital gain or (loss) from sales of business property. Include federal Form 4797.
Idaho location of business property _____________________________________________________
4
5. Qualifying capital gain or (loss) from partnerships, S corporations, estates, or trusts.
b. Date acquired
c. Date sold
d. Pass-through entity
e. Distributive share
a. Description of property and Idaho location
(mo., day, yr.)
(mo., day, yr.)
(PTE) EIN
of gain or (loss)
6. Add amounts in column f of line 1 and lines 2 through 4, and amounts in column e of line 5 .................
6
7. Qualifying capital loss carryover. See instructions ..................................................................................
7
8. Net gain or (loss). Subtract line 7 from line 6 ............................................................................................
8
9. If line 8 is a gain, multiply line 8 by 60% ...................................................................................................
9
10. Capital gain net income included in federal adjusted gross income. See instructions ............................. 10
11. Enter the smaller of line 9 or 10 here and on Form 39R, Part B, line 10, or Form 39NR, Part B, line 6 ... 11
Include additional schedules as needed to report all qualifying capital gains and losses.
EFO00093
06-13-2017
Instructions for Idaho Form CG
General Information
Use Form CG to compute an individual's Idaho capital gains
NOTE: Gains from the sale of stocks and other intangibles
deduction. The deduction is 60% of the capital gain net income
don't qualify.
included in federal taxable income from the sale of Idaho
property. Only capital gains from the following Idaho property
Refer to the Internal Revenue Code for definitions of capital
qualify:
assets, short-term and long-term capital gains and losses,
computations of basis, and gain from disposition of depreciable
(a) Real property* held for at least 12 months;
property.
(b) Tangible personal property used in a revenue-producing
enterprise and held for at least 12 months.
"Capital gain net income" means the excess of the gains from
A revenue-producing enterprise means:
sales or exchanges of capital assets over the losses from such
1)
Producing, assembling, fabricating, manufacturing, or
sales or exchanges.
processing any agricultural, mineral, or manufactured
product;
A capital loss carryover from qualifying property reduces the
2) Storing, warehousing, distributing, or selling at
current year gains from eligible property. Losses from property
wholesale any products of agriculture, mining, or
not eligible for this deduction don't reduce gains from eligible
manufacturing;
property. The Idaho capital gains deduction can't exceed the
3) Feeding livestock at a feedlot;
capital gain net income reported on the federal return. Gains
4 ) O perating laboratories or other facilities for scientific,
treated as ordinary income don't qualify for the deduction.
agricultural, animal husbandry, or industrial research,
development, or testing.
Distributive Share of Gain or Loss From S Corporations,
(c) Cattle and horses held for at least 24 months, and other
Partnerships, Trusts, and Estates
livestock used for breeding held for at least 12 months;
Capital gain from qualifying property, described above, held by S
(d) Timber held for at least 24 months.
corporations, partnerships, trusts, and estates, is eligible for the
Idaho capital gains deduction.
*
The term "real property" means land and includes the following:
The amount of gain or loss must be computed by the
1 ) A "qualified conservation easement," as defined in section
S corporation, partnership, trust, or estate and provided to
2031(c)(8)(B) of the Internal Revenue Code, conveyed to
the pass-through owner on Form ID K-1, Page 2, line 39. The
a "Qualified Organization" as defined in section 170(h) of
deduction is claimed on the return of the individual shareholder,
the Internal Revenue Code;
partner, or beneficiary. The partnership, S corporation, trust, or
2 ) G razing permits or leases issued by the U.S. Forest
estate must provide supplemental information to the partners,
Service, the Bureau of Land Management, or the Idaho
shareholders, or beneficiaries with Form ID K-1 identifying the
Department of Lands, if such permit is transferred
type of property sold, the date of sale, and the holding period of
simultaneously with the transfer of the "base property";
the property by the partnership, S corporation, trust, or estate.
and
3 ) A ny other property, defined in section 1250(c) of the
An owner receiving a distribution from a pass-through entity can
Internal Revenue Code that is conveyed in perpetuity,
include the holding period of the entity when determining the
the transfer of which would be required to be in writing by
holding period requirement for capital gains purposes.
section 9-503, Idaho Code.
S corporations, partnerships, trusts and estates that pay the tax
for an individual can't claim a capital gains deductions.
Page 2
EFO00093p3
06-13-2017
Specific Instructions
Line 1. List qualifying capital gains and losses. Don't
gain or loss from partnerships, S corporations, trusts, and
include gains and losses reported on lines 2 through 5.
estates. If filing Form 40, enter the amount shown from Form
ID K-1, Page 2, line 39. If filing Form 43, enter the amount
Column a Describe the type of property. Identify the Idaho
of qualified gains or losses included on Form 43, line 27;
location at the date of sale.
this is usually the amount from Form ID K-1, Page 2, line 39
multiplied by percentage shown on Form ID K-1, Page 1, line
Column b Identify the month, day, and year the property
6.
was acquired.
Column a Describe the type of property. Identify the Idaho
Column c
Identify the month, day, and year the property
location at the date of sale.
was sold.
Column b Identify the month, day, and year the property
Column d Enter the sales price.
was acquired.
Column e Enter the cost or other basis. Basis is computed
Column c
Identify the month, day, and year the property
under the appropriate provisions of the Internal
was sold.
Revenue Code.
C olumn d Enter the Employer Identification Number (EIN)
Column f
To compute your gain or loss, subtract column e
of the pass-through entity.
from column d.
Column e Enter your distributive share of gain or loss.
Line 2. Enter the taxable gain from the sale of your Idaho
home, from federal Schedule D. If you are reporting a gain
Line 6. Enter the total of gains and losses in column f for
that qualifies from previous installment sales, see line 3.
lines 1 through 4, and column e, line 5.
Line 3. If you used federal Form 6252 to report the
Line 7. Enter the total qualifying capital loss carryover from
installment method for the gain on the sale of eligible property
the prior year's return.
on your federal return, compute your capital gains deduction
using the current year's taxable portion of the installment
Line 9. If line 8 is a gain, enter 60% of line 8. If line 8 is a
payment. Include federal Form 6252. Capital gain from
loss, you can't claim this deduction.
an installment sale isn't eligible for the Idaho capital gains
Line 10. Enter your capital gain net income included in
deduction if the property wasn't held for the minimum holding
period by the date sold.
federal adjusted gross income. This is the capital gain from
federal Form 1040, line 13. If you have a capital loss,
Line 4. Enter the eligible capital gain net income from federal
enter 0.
Form 4797. Don't include ordinary gains reported on federal
Line 11. Compare lines 9 and 10. Enter the smaller amount
Form 4797, Part II.
here and on Form 39R, Part B, line 10, or Form 39NR, Part
Line 5. Enter your distributive share of qualifying capital
B, line 6. This is your Idaho capital gains deduction.
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