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NY Form Instructions 8949: What You Should Know

Instructions for Form 706-L, Capital Gains and Losses in Lieu of Taxable Income (PDF) For gains of capital property, apply New York source income tax. This form asks a number of questions that are designed to verify your tax return. The information you provide will help the agency validate your return and verify any tax refund or credit claims you may receive upon receipt of your return. 7 For the “Yes” or “No” questions that ask if you have a prior return, attach proof of income. 7 Fill out Schedule B, line 9 or line 9a of Form 706, Schedule A. The amount of Gain Capital Amount in box 6. Box 6 includes all the gains and losses that arise from transfers of property or the sale or exchange of securities. All losses are eliminated in figuring gross income for tax purposes. 7 Complete boxes 2 – 20 of Form 706. Fill out boxes 2 – 20 of Forms 706. 8 Fill in any appropriate boxes on Form 706. Instructions for Form 706-L, Capital Gains and Losses in Lieu of Taxable Income (PDF) To determine the amount of capital gain from sale or exchange of securities, and the gain you realize when you receive securities to which section 1221 applies, multiply the amount of gain in boxes 2 – 20 of your 2023 individual income tax return by the number of “Gains,” “Interests,” “Dot,” or “Squared Gain” to the left of those boxes, plus any Net Investment Income, “Dividends”, “Dividends From Property Not Subject to Section 1221(A) (or 1221(R)),” “Dividends From Trusts”, “Real Property,” and “Section 1231 Gain.” Instructions for Schedule D, Miscellaneous Income Instructions for Schedule D, Miscellaneous Income This is a separate return, and you must complete it separately from your original return. The IRS determines what is a “gift” subject to section 1221 and what is an “other disposition of capital assets.” 8 You will need two copies of Schedule D, with appropriate boxes. There are two types of section 1221 (gifts): 1) an investment gift, and 2) a sale of capital property. (The gift and the sale are usually two transactions.) 8 You will need to allocate section 1221 income from each category.

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