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Form Instructions 1041 Virginia Fairfax: What You Should Know

Capital gains from the sale of stock, dividends, interest rents, royalties. 路聽Gains from the sale of property with a cost basis on which a gain is recognized. 路 Any gain or loss on, or within, the term of the trust. 路 The basis or amount of any property includible in the capital of the trust. 路 All capital gain or loss from any source. If you have to file a 1099-B and Form 8854, Report as Income Taxes the Sale of Property, if the property sold to an estate is subject to a capital gain or loss. 路 When you are a nonresident of Virginia, the basis on which the tax will be paid on the sale of property to another taxpayer is different from the actual basis to which you would have paid it had your ownership interest in the property been not subject to Virginia tax. If the basis is higher than what you would have paid, you must take an allowance for the tax, or you will be assessed an interest charge of 2 percent. Do not include in figuring what you will owe in Virginia any federal or local income taxes paid on your tax-exempt Virginia income. Any other federal or state tax on this payment will be assessed on Form 5329, Amounts Not Paid for Capital Assets in 2017. (See Notice 5332, Tax on Certain Depreciation & Amortization and Realized Gains on Certain Sales of Capital Assets. ) About聽Form 1040, U.S. Income Tax Return for Estates and Trusts More In Form and Instructions 路 Report as income the federal taxes. Also report as income the nonresident tax due on property sold in a state other than Virginia. 路 Report as income the nonresident tax that is not due if all the property sold is taxable in Virginia. If such property does not have a Virginia sales or use tax, a credit for the tax will result in a net credit in your state. If such property has a tax due in Virginia, you will have to file an additional Form 706, Withholding Tax on Nonresident Aliens With Respect to U.S.

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