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Get your taxes done using TurboTax
You don't necessarily have to have owned a business to need this form. The purpose of Schedule D-1, to report the sale or exchange of business property when the California basis of the asset(s) is different from the federal basis due to differences between California and federal law.
Use this form to report:
- The sale or exchange of:
- Trade or business property
- Depreciable and amortizable property
- Oil, gas, and geothermal property
- IRC Section 126 property
- The involuntary conversion (other than casualty or theft) of trade or business property and capital assets held in connection with a trade or business or a transaction entered into for profit.
- The disposition of noncapital assets (other than inventory or property held primarily for sale to customers in the ordinary course of your trade or business).
- The disposition of capital assets not reported on Form 100 or 100W, Side 6, Schedule D, California Capital Gains and Losses; Schedule D (100S), S Corporation Capital Gains and Losses and Built-In Gains; Schedule D (540 or 540NR), California Capital Gain or Loss Adjustment.
- The recapture of IRC Section 179 deductions for partners, members, and S corporation shareholders from property distributions by partnerships, LLCs classified as partnerships, and S corporations, respectively. See Property Subject to IRC Section 179 Expense Deduction Recapture, under General Information B, Special Rules, for the reporting requirements.
- The computation of recapture amounts under IRC Sections 179 and 280F(b)(2) when the business use of IRC Section 179 or 280F(b)(2) property drops to 50% or less.
If you don't feel that this applies to you, review your tax return as there is something entered into TurboTax that indicates a need for the form.
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‎January 15, 2020
12:54 PM