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rkcnb
New Member

My Capital Gain amount is not being added to my income in Part 5 of the Capital Gain T form.

This is for my 2024 return
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3 Replies
Hal_Al
Level 15

My Capital Gain amount is not being added to my income in Part 5 of the Capital Gain T form.

What form/schedule number is the "Capital Gain T form" you're referring to?

 

Your capital asset sale is reported on form 8949, then to Schedule D (if you received a 1099-B, you may be able to skip form 8949).  The resulting gain or loss goes to line 7 of form 1040. The capital gain tax is calculated on the "Qualified Dividends and Capital Gains Worksheet (or the Schedule D worksheet).

 

None of these forms have a Part 5.

My Capital Gain amount is not being added to my income in Part 5 of the Capital Gain T form.

I don't know the actual answer...but for those who might be able to help?

A form, that perhaps only a few of us have heard of..

 

Maybe it is the IRS "Form T (Timber)"    ??

 

Forms and Pubs Index Search | Internal Revenue Service

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

My Capital Gain amount is not being added to my income in Part 5 of the Capital Gain T form.

Are you in Canada by any chance?   This is the USA forum. Here is the Canada forum
https://turbotax.community.intuit.ca/tax-help

 

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