Instructions for Schedule D-IS Long-Term Capital Gains and Losses Excluding Collectibles - Massachusetts

This document contains official instructions for Schedule D-IS , Long-Term Capital Gains and Losses Excluding Collectibles - a form released and collected by the Massachusetts Department of Correction.

FAQ

Q: What is Schedule D-IS?A: Schedule D-IS is a tax form used to report long-term capital gains and losses excluding collectibles in the state of Massachusetts.

Q: Who needs to file Schedule D-IS?A: You need to file Schedule D-IS if you are a Massachusetts resident and have long-term capital gains or losses from investments excluding collectibles.

Q: What is considered a long-term capital gain or loss?A: A long-term capital gain or loss is when you sell an investment that you held for more than one year before selling.

Q: What are collectibles?A: Collectibles include items like coins, stamps, and art, but do not include investments like stocks or bonds.

Q: Do I need to file Schedule D-IS if I only have short-term capital gains or losses?A: No, Schedule D-IS is specifically for reporting long-term capital gains and losses excluding collectibles. If you only have short-term gains or losses, you should use a different form.

Q: Is there a deadline for filing Schedule D-IS?A: Yes, the deadline for filing Schedule D-IS is the same as the deadline for filing your Massachusetts state tax return, which is usually April 15th.

Q: Can I e-file Schedule D-IS?A: Yes, you can e-file Schedule D-IS if you are filing your Massachusetts state tax return electronically.

Q: What if I have both long-term and short-term capital gains or losses?A: If you have both long-term and short-term capital gains or losses, you will need to file both Schedule D-IS for the long-term gains or losses and another form for the short-term gains or losses.

Q: What information do I need to fill out Schedule D-IS?A: You will need information about the investments you sold, including the purchase and sale dates, the amount you received from the sale, and your adjusted basis in the investment.