What is a Sch D-1 p1 Form? I do not have any busin...
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New Member

What is a Sch D-1 p1 Form? I do not have any business stuff

I am not able to finish filing because it is asking me about this form and for Sale of Business Property.
3 Replies
Employee Tax Expert

What is a Sch D-1 p1 Form? I do not have any business stuff

Schedule D-1 is a California schedule  used to report the sale of business property. 

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New Member

What is a Sch D-1 p1 Form? I do not have any business stuff

I did not sell a business or business property, how do I get rid of this requirement. 

Employee Tax Expert

What is a Sch D-1 p1 Form? I do not have any business stuff

Schedule D-1 is the first "continuation" page of capital gains/losses transactions.  Capital gains and losses are considered owned by the taxpayer, not owned by a business.  So they are not business assets, but instead, personal assets sold.

 

Once the available lines on the actual Schedule D of the return is full, it then carries the remainder to the Schedule D-1 Continuation Sheet.

 

Generally, if the cost basis of all transactions are considered "reported" to IRS, then the 8949 does not have to be completed and the transactions just go to the Sch D.  

 

OR

 

If the 8949 is used, then the transactions are also listed by holding periods and category on Form 8949 and then carry to Schedule D and any remaining carry to the D-1.

 

[Edited 02/21/2021|5:44 pm PST]

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