Form Cg Form Efo00093 "Idaho Capital Gains Deduction" - Idaho

Form EFO00093 or the "Form Cg - Idaho Capital Gains Deduction" is a form issued by the Idaho State Tax Commission.

Download a PDF version of the Form EFO00093 down below or find it on the Idaho State Tax Commission Forms website.

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2018
CG
IDAHO CAPITAL GAINS DEDUCTION
F
O
R
(See instructions for qualifying Idaho property.)
M
EFO00093
06-08-2018
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
(mm/dd/yyyy)
(mm/dd/yyyy)
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
(mm/dd/yyyy)
(mm/dd/yyyy)
(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.
2018
CG
IDAHO CAPITAL GAINS DEDUCTION
F
O
R
(See instructions for qualifying Idaho property.)
M
EFO00093
06-08-2018
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
(mm/dd/yyyy)
(mm/dd/yyyy)
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
(mm/dd/yyyy)
(mm/dd/yyyy)
(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.
Instructions for Idaho Form CG
EFO00093
06-08-2018
General Information
NOTE: Gains from the sale of stocks and other intangibles
Use Form CG to compute an individual's Idaho capital gains
don't qualify.
deduction. The deduction is 60% of the capital gain net income
included in federal taxable income from the sale of Idaho
Refer to the Internal Revenue Code for definitions of capital
property. "Capital gain net income" is the amount left over when
assets, short-term and long-term capital gains and losses,
you reduce your gains by your losses from selling or exchanging
computations of basis, and gain from disposition of depreciable
capital assets.
property.
Only capital gains from the following Idaho property qualify:
If you have any capital gain in the current year and any capital
loss carryover from a prior year, you must reduce your capital
(a) Real property* held for at least 12 months
gain by the carryover loss. Only losses from qualifying property
(b) Tangible personal property used in a revenue-producing
can be used to reduce your capital gain. The Idaho capital gains
enterprise and held for at least 12 months
deduction can't exceed the capital gain net income reported on
A revenue-producing enterprise means:
the federal return. Gains treated as ordinary income don't qualify
1)
Producing, assembling, fabricating, manufacturing, or
for the deduction.
processing any agricultural, mineral, or manufactured
product
Distributive Share of Gain or Loss From S Corporations,
2) Storing, warehousing, distributing, or selling at
Partnerships, Trusts, and Estates (Pass-through entity)
wholesale any products of agriculture, mining, or
Capital gain from qualifying property, described above, held by
manufacturing
a pass-through entity is eligible for the Idaho capital gains
3) Feeding livestock at a feedlot
deduction.
4 ) O perating laboratories or other facilities for scientific,
agricultural, animal husbandry, or industrial research,
The amount of gain or loss must be computed by the
development, or testing
pass-through entity and provided to the pass-through owner on
(c) Cattle and horses held for at least 24 months, and other
Form ID K-1, Part VI, line 39. The deduction is claimed on the
livestock used for breeding held for at least 12 months
return of the individual shareholder, partner, or beneficiary. The
(d) Timber held for at least 24 months
pass-through entity must provide supplemental information to
the partners, shareholders, or beneficiaries with Form ID K-1
*
The term "real property" means land and includes the following:
identifying the type of property sold, the date of sale, and the
holding period of the property by the pass-through entity.
1 ) Qualified conservation easements transferred to a qualified
organization as described in sections 2031(c)(8)(B)
An owner receiving a distribution from a pass-through entity can
and170(h) of the Internal Revenue Code;
include the holding period of the entity when determining the
holding period requirement for capital gains purposes.
2) Grazing permits or grazing leases issued by the U.S. Forest
Service, the Bureau of Land Management, or the Idaho
Pass-through entities that pay the tax for an individual can't claim
Department of Lands, but only if the grazing permit or grazing
a capital gains deduction.
lease was transferred at the same time as the "base
property;" and
3) Depreciable real property as described in section 1250(c) of
the Internal Revenue Code, but only if that property was
transferred in perpetuity and the transfer was required to be
in writing according to Idaho Code section 9-503.
Page 2
EFO00093p3
06-08-2018
Specific Instructions
Line 1. List qualifying capital gains and losses. Don't
Line 5. Enter your distributive share of qualifying capital
include gains and losses reported on lines 2 through 5.
gain or loss from partnerships, S corporations, trusts, and
estates. If filing Form 40, enter the amount shown from Form
Column a Describe the type of property. Identify the Idaho
ID K-1, Part VI, line 39. If filing Form 43, enter the amount
location at the date of sale.
of qualified gains or losses included on Form 43, line 27;
this is usually the amount from Form ID K-1, Part VI, line 39
Column b Identify the month, day, and year the property
multiplied by the percentage shown on Form ID K-1, Part III,
was acquired.
line 6.
Column c
Identify the month, day, and year the property
Column a Describe the type of property. Identify the Idaho
was sold.
location at the date of sale.
Column d Enter the sales price.
Column b Identify the month, day, and year the property
was acquired.
Column e Enter the cost or other basis. Basis is
computed under the appropriate provisions of
Column c
Identify the month, day, and year the property
the Internal Revenue Code.
was sold.
Column f
To compute your gain or loss, subtract column e
C olumn d Enter the Employer Identification Number (EIN)
from column d.
of the pass-through entity.
Line 2. Enter the taxable gain from the sale of your Idaho
Column e Enter your distributive share of gain or loss.
home, from federal Schedule D. If you're reporting a gain
that qualifies from previous installment sales, see line 3.
Line 6. Enter the total of gains and losses in column f for
lines 1 through 4, and column e, line 5.
Line 3. If you used federal Form 6252 to report the
installment method for the gain on the sale of eligible
Line 7. Enter the total qualifying capital loss carryover from
property on your federal return, compute your capital gains
the prior year's return.
deduction using the current year's taxable portion of the
installment payment. Include federal Form 6252. Capital
Line 9. If line 8 is a gain, enter 60% of line 8. If line 8 is a
gain from an installment sale isn't eligible for the Idaho
loss, you can't claim this deduction.
capital gains deduction if the property wasn't held for the
Line 10. Enter your capital gain net income included in
minimum holding period by the date sold.
federal adjusted gross income. This is the capital gain from
Line 4. Enter the eligible capital gain net income from
federal Schedule 1, line 13. If you have a capital loss,
federal Form 4797. Don't include ordinary gains reported on
enter 0.
federal Form 4797, Part II.
Line 11. Compare lines 9 and 10. Enter the smaller amount
here and on Form 39R, Part B, line 10, or Form 39NR, Part
B, line 6. This is your Idaho capital gains deduction.
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