Instructions for Form I-027 Schedule 2WD Capital Gains and Losses - Wisconsin

This document contains official instructions for Form I-027 Schedule 2WD, Capital Gains and Losses - a form released and collected by the Wisconsin Department of Revenue.

FAQ

Q: What is Form I-027 Schedule 2WD?
A: Form I-027 Schedule 2WD is a tax form used for reporting capital gains and losses in the state of Wisconsin.

Q: What are capital gains and losses?
A: Capital gains are profits made from the sale of assets, such as stocks or real estate. Capital losses are the opposite, where the sale of assets resulted in a loss.

Q: Who needs to file Form I-027 Schedule 2WD?
A: Residents of Wisconsin who have capital gains or losses during the tax year.

Q: What information do I need to complete Form I-027 Schedule 2WD?
A: You will need information about your capital gains and losses, including the dates of the transactions and the cost basis of the assets.

Q: When is the deadline to file Form I-027 Schedule 2WD?
A: The deadline to file Form I-027 Schedule 2WD is the same as your federal income tax return deadline, typically April 15th.

Q: Are there any penalties for not filing Form I-027 Schedule 2WD?
A: Yes, if you fail to file Form I-027 Schedule 2WD or report your capital gains and losses accurately, you may be subject to penalties and interest.

Q: Can I e-file Form I-027 Schedule 2WD?
A: No, currently the Wisconsin Department of Revenue only accepts paper filing for Form I-027 Schedule 2WD.

Q: Can I claim a deduction for capital losses on my Wisconsin tax return?
A: Yes, you can deduct capital losses on your Wisconsin tax return, subject to certain limitations.