Get PA PA-20S/PA-65 D - Schedule D-I 2009

Pennsylvania only honors installment sales of real and tangible property and taxes 100% of the gain from intangibles at the time of the sale. Further, accrual basis taxpayers are never allowed to report the gain on installment sales over the collection period no matter what was sold.

Wash Sales The federal wash sale provisions do not apply for Pennsylvania personal income tax purposes. For Pennsylvania purposes, every transaction is considered separate and independent of any subsequent transaction.

Pennsylvania only honors installment sales of real and tangible property and taxes 100% of the gain from intangibles at the time of the sale. Further, accrual basis taxpayers are never allowed to report the gain on installment sales over the collection period no matter what was sold.

Pennsylvania still doesn't recognize 1031 Exchanges. As we begin 2019, Pennsylvania is still the only state that does not fully recognize I.R.C. Section 1031 tax deferred exchanges because it does not follow federal taxation principles for its Personal Income Tax ( PIT ).

Reporting Wash Sales All sales of investments such as stocks or other securities are reported on IRS Form 8949, Sales and Other Dispositions of Capital Assets, and then inputted on a Schedule D (Form 1040), Capital Gains and Losses.

The intent of the wash-sale rule is to prevent taxpayers from claiming artificial losses. Conversely, if a taxpayer were to register a gain by selling securities, and within 30 days they were to buy identical replacement securities, the proceeds from that transaction would still be taxable.

In general, yes. Pennsylvania does not give a specially favorable tax treatment on qualified dividends or long-term capital gain as does the Federal return. Unless you receive a written notification that any qualified distributions may be excluded from PA income, they are included for PA tax.

In general, yes. Pennsylvania does not give a specially favorable tax treatment on qualified dividends or long-term capital gain as does the Federal return. Unless you receive a written notification that any qualified distributions may be excluded from PA income, they are included for PA tax.

Nominee Dividends or Capital Gains Distributions Pennsylvania allows the same treatment for personal income tax purposes. However, the Social Security number of principal/beneficiary must be included on PA-40 Schedule B, PA-Taxable Dividend and Capital Gains Distributions Income.

Some States Have Tax Preferences for Capital Gains While most states tax income from investments and income from work at the same rate, nine states Arizona, Arkansas, Hawaii, Montana, New Mexico, North Dakota, South Carolina, Vermont, and Wisconsin tax all long-term capital gains less than ordinary income.

A Pennsylvania resident taxpayer who has non-Pennsylvania sourced income subject to both Pennsylvania personal income tax ( PA PIT ) and the income or wage tax of another state (according to Pennsylvania sourcing rules) on the same income during the same taxable year, can claim a credit for the tax paid to the other ...

Re: Can't deduct capital losses in PA You can't deduct capital losses on your PA return! This is actual PA law. One owes the state whenever they realize a capital gain but they receive no credit if they suffer a realized loss (year-over-year).

Pennsylvania makes no provision for capital gains. ... Pennsylvania also has no provisions for the carryover of losses from one tax year to another year. Furthermore, Pennsylvania does not allow an offset of loss against gain from one class of income to another or between two taxpayers (i.e., spouses).

Meals and entertainment are deductible expenses for Pennsylvania purposes. However, the taxpayer must be able to show that the expenses claimed are ordinary, actual, reasonable and necessary.

Generally, homeowners who owned and used their homes as principal residences for at least two of the five years prior to the date of sale will qualify for exclusion of the gain from the sale of a personal residence from PA taxable income.