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previous pagePrevious Page: Instructions for Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship) - Part V. Other Expenses
next pageNext Page: Instructions for Schedule D (Form 1040), Capital Gains and Losses - General Instructions
 Use previous pagenext page to find additional occurrences of topic items.Index for these Instructions
taxmap/instr/i1040sd-000.htm#TXMP123ca6a3

2008 Instructions for Schedule D


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taxmap/instr/i1040sd-000.htm#TXMP4e53b707

Capital Gains and Losses(p1)


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2008

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Use Schedule D (Form 1040) to report the following.
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Additional information.(p1)

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See Pub. 544 and Pub. 550 for more details. For a comprehensive filled-in example of Schedule D, see Pub. 550.
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What's New(p1)


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Tax rate on qualified dividends and net capital gain reduced.(p1)

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The 5% tax rate on qualified dividends and net capital gain is reduced to zero. The line on last year's Schedule D Tax Worksheet that reflected the 5% rate has been deleted.
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Sale of your home.(p1)

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A surviving spouse may be able to exclude up to $500,000 of gain from the sale or exchange of a main home after 2007. Also, the election to suspend the 5-year test period for ownership and use of a main home now can be made by Peace Corps employees and volunteers serving outside the United States. See Sale of Your Home on page D-2.
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Deemed sales by expatriates.(p1)

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If you give up your citizenship after June 16, 2008, you may be treated as having sold all your property for its fair market value on the day before you gave up your citizenship. This also applies to long-term U.S. residents who cease to be lawful permanent residents. For details, exceptions, and rules for reporting these deemed sales, see Pub. 519 and Form 8854.
previous pagePrevious Page: Instructions for Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship) - Part V. Other Expenses
next pageNext Page: Instructions for Schedule D (Form 1040), Capital Gains and Losses - General Instructions
 Use previous pagenext page to find additional occurrences of topic items.Index for these Instructions