Michigan Sales and Other Dispositions of Capital Assets

Sales and Other Dispositions of Capital Assets
2023 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
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Michigan Department of Treasury (Rev. 02-23), Page 1 of 2

2023 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
Issued under authority of Public Act 281 of 1967, as amended.

Include with Form MI-1040 or MI-1041. Report all amounts in whole dollar amounts. Type or print in blue or black ink.
Attachment 21
Filer’s Name Shown on Tax Return

Identifying Number

PART 1:
1. ENTER ALL SHORT-TERM CAPITAL GAINS AND LOSSES - ASSETS HELD ONE YEAR OR LESS
A
Description of Property
(Example, 100 shares of “Z” Co.)

B
Date Acquired
(MM-DD-YYYY)

C
Date Sold
(MM-DD-YYYY)

2. Line 1 short-term totals. Add column D (federal), and column E
(Michigan). Enter here and carry to MI-1040D, line 1................

+ 0000

2023 86 01 27 2

D

Federal Gain (Loss) from
Column h of U.S. 8949

E
Gain (Loss) from Column D
Subject to Michigan Income Tax

2.

Continued on page 2.
This form cannot be processed if page 2 is not completed and included.

2023 MI-8949, Page 2 of 2

Identifying Number

PART 2:
3. ENTER ALL LONG-TERM CAPITAL GAINS AND LOSSES - ASSETS HELD MORE THAN ONE YEAR
A
Description of Property
(Example, 100 shares of “Z” Co.)

B
Date Acquired
(MM-DD-YYYY)

C
Date Sold
(MM-DD-YYYY)

4. Line 3 long-term totals. Add column D (federal), and column E
(Michigan). Enter here and carry to MI-1040D, line 6................

+ 0000

2023 86 02 27 0

4.

D

Federal Gain (Loss) from
Column h of U.S. 8949

E
Gain (Loss) from Column D
Subject to Michigan Income Tax

2023 MI-8949, Page 3

Instructions for Form MI-8949 MICHIGAN Sales and Other Dispositions of

When to File

Capital Assets MI-8949

NOTE: Only use this form to adjust your Michigan taxable
income if you have capital gains or losses attributable to one
of the following:
• Gains or losses from the sale of certain types of properties
located in other states and/or subject to Michigan’s allocation
provisions. Gains or losses subject to Michigan’s
apportionment provisions, refer to the MI-1040H.
• Periods before October 1, 1967 (Section 271 adjustment). If
you file U.S. Schedule D or Form 4797 and you elect to
adjust under Section 271 of the Michigan Income Tax Act,
you must file the equivalent Michigan forms (MI-1040D or
MI-4797). You must include all items of gain or loss realized
during the tax year; or
• Gains or losses from the sale or exchange of U.S. obligations
that cannot be taxed by Michigan.

General Information
Michigan Form MI-8949 follows the U.S. Form 8949 and all the
information needed to complete it should be taken from your
U.S. Form 8949.
Form MI-8949 computations must be carried to Form MI-1040D.
Both forms (MI-8949 and MI-1040D) must be included with your
Form MI-1040.
Michigan business income (loss) includes the distributive share
of income (loss) from a flow-through entity, including net shortterm and long-term capital gain (loss). Michigan business income
subject to apportionment is to be reported on the MI-1040H or
included on Form MI-461 (if applicable), do not use this form to
apportion those gains or losses.
Rounding Dollar Amounts
Round all amounts to whole dollar amounts. Round down
amounts less than 50 cents. Round up amounts of 50 through
99 cents. Do not enter cents.
Identification
For individual income tax filers, enter the filer’s name and full
nine-digit Social Security number at the top of the form. For
fiduciary filers, enter the name of the estate or trust and full
Federal Employer Identification Number (FEIN).

Parts 1 and 2
Federal Information
Complete columns A, B, C and D of the MI-8949 from
corresponding columns a, b, c and h of your U.S. Form 8949.
If an election to defer tax on an eligible gain was made by
investing in a Qualified Opportunity (QO) Fund, report the QO
Fund information from U.S. Form 8949, columns a and b in
MI-8949, columns A and B for each QO Fund reported. Enter
any amount of adjustment from U.S. Form 8949, column g in
MI-8949, column D and zero in column E for each QO Fund
reported.
Line 2: The amount reported on MI-1040D, line 1, includes
this line and any amount reported on U.S. Schedule D, line 1a,
column h.

Line 4: The amount reported on MI-1040D, line 6, includes
this line and any amount reported on U.S. Schedule D, line 8a,
column h.
Michigan Information
For each asset, enter the portion of federal gain and loss subject
to Michigan income tax in column E. If more space is needed
to list assets, include additional sheets.
Section 271. To apportion under Section 271, multiply the gain
or loss in column D by the number of months the property was
held after September 30, 1967. Divide the result by the total
number of months held. Enter the result in column E. For
the purpose of this computation, the first month is excluded
if acquisition took place after the 15th, and the last month is
excluded if disposal took place on or before the 15th.
Gains from installment sales made before October 1, 1967, must
show federal gain in column D and zero in column E. Gains
from installment sales made after October 1, 1967, are subject
to Michigan tax but may be apportioned under Section 271.
Distributions from pension, stock bonus or profit-sharing trust
plans that are considered to be long-term capital gains (under
Section 402 of the Internal Revenue Code) and capital gains
distributions are not eligible for Section 271 treatment.
Sale of Property. Enter the total gain in the federal column.
Enter in the Michigan column the gain or loss from the sale or
exchange of:
• Real property located in Michigan; or
• Tangible personal property located in Michigan at the time
of the sale or owned by a Michigan resident and not subject
to tax in the state where the property is located; or
• Intangible personal property sold by a Michigan resident; or
Gains and losses from business property reported and apportioned
to Michigan on Form MI-1040H should not be reported in the
Michigan column E.
U.S. Obligations. Gains from the sale of some U.S. obligations
are not subject to tax and losses are not deductible. Enter a zero
in the Michigan column for gains or losses realized from the
sale of these non-taxable U.S. obligations.
Note: Any interest expense and other expenses incurred in the
production of income from U.S. obligations should be offset
against dividend and interest income from U.S. obligations on
the MI-1040 return. See the instructions for Schedule 1, line 10,
in the MI-1040 instruction booklet.
Out-of-State Property. Gains from the sale of non business
property located in another state are not subject to tax and
losses are not deductible. Gains and losses from the sale of
business property located in another state are sourced based the
location of the business activity.
Totals
Enter on line 2, the total from line 1 and any additional sheets
listing short-term capital gains and losses. Enter on line 4, the
total from line 3 and any additional sheets listing long-term
capital gains and losses.