Get (see Instructions For Qualifying Idaho Property

This guide provides a clear and concise approach to filling out the instructions for qualifying Idaho property, focusing on the Idaho capital gains deduction. By following these steps, users can easily navigate the process and ensure accurate completion of the necessary forms.

Follow the steps to effectively complete the form.

1. Press the ‘Get Form’ button to obtain the form and open it in an editor.
2. Provide your Social Security Number in the designated field. Ensure this is accurate as it is essential for identification.
3. Enter your name(s) as shown on your tax return on the next line.
4. Begin with line 1, where you will list qualifying capital gains and losses. In column a, describe the property type and its Idaho location.
5. For column b, enter the date you acquired the property, formatted as month, day, and year.
6. In column c, fill in the date of sale in the same format as above.
7. Input the sales price in column d.
8. Enter the cost or other basis in column e, calculated according to Internal Revenue Code provisions.
9. Compute your gain or loss for column f by subtracting the basis from the sales price.
10. Continue from line 2 to line 5, entering the corresponding capital gains for your personal residence, installment sales, business property, and partnerships as instructed.
11. Sum the amounts in column f from lines 1 through 5 on line 6.
12. On line 7, include any qualifying capital loss carryover from the previous year's return.
13. Calculate the net gain or loss on line 8 by subtracting line 7 from line 6.
14. If you have a gain on line 8, enter 60% of that gain on line 9. If it is a loss, you cannot claim the deduction.
15. On line 10, enter the capital gain net income included in your federal adjusted gross income from the appropriate federal form.
16. Enter the smaller of line 9 or 10 on line 11; this amount represents your Idaho capital gains deduction.
17. Finally, save your changes, and download, print, or share the completed form as needed.

Compete your documentation online to ensure timely processing.