Hawaii Capital Gains & Losses (Form N-40)

Capital Gains & Losses (Form N-40)
Schedule D Form N-40 Rev 2022 Capital Gains and Losses
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SCHEDULE D
	
FORM N-40
	
(REV. 2023)	
		

STATE OF HAWAII—DEPARTMENT OF TAXATION

Capital Gains and Losses	2023

Attach this Schedule to Fiduciary Income Tax Return (Form N-40)

Name of Estate or Trust	

PART I
	
	
	

N40SCHD_I 2023A 01 VID01

Federal Employer Identification Number

Short-term Capital Gains and Losses — Assets Held One Year or Less

(a) Description of property	
(Example, 100 shares 7%	
preferred of “Z” Co.)	

(b) Date	
acquired	
(Mo., day, yr.)	

(c) Date		
sold	
(d) Gross sales	
(Mo., day, yr.)	
price	

(e) Cost or other basis, as	
adjusted, plus expense of	
sale (see Instructions)	

(f) Gain or (loss)
(Col. (d), minus col. (e))

	 1

Short-term capital gain or (loss) from federal Forms 4684, 6252, 6781, and 8824........................................................ 	
Net short-term gain or (loss) from partnerships, S Corporations, and other estates or trusts........................................ 	
Short-term gain from stock acquired through stock options from qualified high technology businesses....................... 	
Short-term capital loss carryover from 2022 Schedule D, line 28.................................................................................. 	

2
3
4
5

	 6	 Net short-term gain or (loss), (combine lines 1 through 5). Enter here and on line 15 below..................................†	

6

	
	
	
	

2	
3	
4	
5	

PART II

(	)
(	)

Long-term Capital Gains and Losses — Assets Held More Than One Year

	 7

	 8	
	 9	
	 10	
	 11	
	 12	
	 13	
	
	 14	

Long-term capital gain or (loss) from federal Forms 2439, 4684, 6252, 6781, and 8824.............................................. 	
Net long-term gain or (loss) from partnerships, S Corporations, and other estates or trusts......................................... 	
Capital gain distributions................................................................................................................................................ 	
Enter the gain, if applicable, from Schedule D-1, Part I, line 8 or 10.............................................................................. 	
Long-term gain from stock acquired through stock options from qualified high technology businesses........................ 	
Long-term capital loss carryover from 2022 Schedule D, line 35................................................................................... 	

8
9
10
11
12
13

Net long-term gain or (loss), (combine lines 7 through 13). Enter here and on line 16 below.................................†	

14

PART III

Summary of Parts I and II	

(a) Beneficiaries	

(b) Fiduciary	

(	)
(	)
	

(c) Total

	 15	 Net short-term gain or (loss) from line 6, above............................... 	 15
	 16	 Net long-term gain or (loss) from line 14, above............................... 	 16
	 17	 Total net gain or (loss), (combine lines 15 and 16)........................ †	 17
If line 17, column (c), is a net gain, enter the gain on Form N-40, line 6. If lines 16 and 17, column (b), are net gains, go to Part VI, and DO NOT
complete Parts IV and V.
If line 17, column (c), is a net (loss), complete Parts IV and V, as necessary.

ID NO 01

SCHEDULE D (FORM N-40)

SCHEDULE D (FORM N-40) (REV. 2023)	

PART IV

PAGE 2

Computation of Capital Loss Limitation

	 18	 Enter here and enter as a (loss) on Form N-40, line 6, the smaller of:
(i)	 The net loss on line 17, column (c); or
(ii)	$3,000.................................................................................................................................................................... 	 18 (	)
		 If the net loss on line 17, column (c) is more than $3,000, OR if the taxable income on line 22, page 1, of Form N-40 is zero or less, complete Part V
to determine your capital loss carryover.

PART V

Computation of Capital Loss Carryovers From 2023 to 2024
Section A. — Computation of Carryover Limit

	 19	
	 20	
	 21	
	 22	

Enter the taxable income or (loss) for 2023 from Form N-40, line 22............................................................................ 	
Enter the loss from line 18 as a positive amount............................................................................................................ 	
Enter the amount from Form N-40, line 20..................................................................................................................... 	
Adjusted taxable income (combine lines 19, 20, and 21, but not less than zero).......................................................... 	

19
20
21
22

	 23	 Enter the lesser of line 20 or line 22............................................................................................................................... 	

23

	 24	 Enter the loss shown on line 6 as a positive amount..................................................................................................... 	
	 25	 Enter the gain, if any, shown on line 14. (If that line is blank or shows a loss, enter zero)............................................ 	
	 26	 Enter the amount from line 23........................................................................................................................................ 	

24
25
26

	 27	 Add lines 25 and 26........................................................................................................................................................ 	

27

	 28	 Line 24 minus line 27. If zero or less, enter zero. This is your short-term capital loss carryover from 2023 to 2024.
If this is the final return of the trust or decedent’s estate, also enter on line 8b, Schedule K-1 (Form N-40)................. 	

28

Section B. — Short-Term Capital Loss Carryover
(Complete this section only if there is a loss shown on line 6 and line 17, column (c).)

Section C. — Long-Term Capital Loss Carryover
(Complete this section only if there is a loss shown on line 14 and line 17, column (c).)

	
	 29	
	 30	
	 31	
	 32	

Enter the loss shown on line 14 as a positive amount................................................................................................... 	
Enter the gain, if any, shown on line 6 (If that line is blank or shows a loss, enter zero).............................................. 	
Enter the amount from line 23........................................................................................................................................ 	
Enter the amount from line 24........................................................................................................................................ 	

29
30
31
32

	 33	 Line 31 minus line 32. If zero or less, enter zero............................................................................................................ 	

33

	 34	 Add lines 30 and 33........................................................................................................................................................ 	

34

	 35	 Line 29 minus line 34. If zero or less, enter zero. This is your long-term capital loss carryover from 2023 to 2024.
If this is the final return of the trust or decedent’s estate, also enter on line 8c, Schedule K-1 (Form N-40)................. 	

35

PART VI
	 36	
	37a	
	 b	
	 c	
	 38	
	 39	
	 40	
	 41	
	 42	
	 43	
	 44	
	 45	

Tax Computation Using Maximum Capital Gains Rate (Complete this part only if lines 16 and 17, column
(b) are net capital gains.)

Enter your taxable income from Form N-40, line 22....................................................................................................... 	
Net capital gain taxable to the estate or trust. Enter the smaller of line 16 or 17, column (b)....................................... 	
If you completed Form N-158, enter the amount from Form N-158, line 4e................................................................... 	
Line 37a minus line 37b. If zero or less, enter zero........................................................................................................ 	
Line 36 minus line 37c. If zero or less, enter zero.......................................................................................................... 	
Enter the greater of line 38 or $20,000.......................................................................................................................... 	
Tax on amount on line 39. If line 39 is $20,000, enter $1,128.00................................................................................... 	
Line 36 minus line 39. If zero or less, enter zero here and on line 42.
Also, enter this amount on Form N-40, Schedule G, line 1(a)........................................................................................ 	
Multiply the amount on line 41 by 7.25% (.0725)........................................................................................................... 	
Maximum capital gains tax. Add lines 40 and 42........................................................................................................... 	
Regular tax on amount on line 36 above (see Form N-40, Schedule G, line 1, instructions)......................................... 	
Enter the smaller of line 43 or line 44 here and also on Form N-40, Schedule G, line 1 and
check the “Schedule D (Form N-40)” box....................................................................................................................... 	

36
37a
37b
37c
38
39
40
41
42
43
44
45