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January 11, 2025
Question

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

  • January 11, 2025
  • 3 replies
  • 0 views
This is for my 2024 return

    3 replies

    Hal_Al
    Employee
    January 11, 2025

    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.

    SteamTrain
    Employee
    January 11, 2025

    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.*
    VolvoGirl
    Employee
    January 11, 2025

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