×
tax forms found in
Tax Form Code
Tax Form Name

Michigan Free Printable 2023 MICHIGAN Adjustments of Capital Gains and Losses MI-1041D for 2024 Michigan Adjustments of Capital Gains and Losses

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2023-michigan-mi-1041d.pdf, and you can print it directly from your computer.

Adjustments of Capital Gains and Losses
2023 MICHIGAN Adjustments of Capital Gains and Losses MI-1041D

Reset Form MI-1041D Michigan Department of Treasury (Rev. 03-23), Page 1 of 2 2023 MICHIGAN Adjustments of Capital Gains and Losses Issued under authority of Public Act 281 of 1967, as amended. Include this form with the fiduciary income tax return MI-1041. Type or print in blue or black ink. For 2023 or taxable year beginning MM-DD-2023 - 2023 , and ending Name of Estate or Trust MM-DD-YYYY . Federal Employer Identification Number (FEIN) PART 1: SHORT-TERM CAPITAL GAINS AND LOSSES (ASSETS HELD ONE YEAR OR LESS) 1. Combine short-term totals from MI-8949, line 2 and U.S. Form 1041 Schedule D, line 1a, column h............................................................ 2. Short-term capital gain or (loss) from U.S. Forms 4684, 6252, 6781, and 8824............................................................................................. 3. Enter net short-term gain or (loss) from partnerships, S corporations and other estates or trusts.................................................................. 4. Short-term capital loss carryover from 2022....................................... 5. Net short-term gain or (loss). Combine lines 1 through 4. Enter here and on line 13, column A .................................................................... Gain (Loss) from Column D Subject to Michigan Income Tax 3. 4. ( ) ( ) 5. D Federal Gain (Loss) E Michigan Gain (Loss) Federal Gain (Loss) from Column h of U.S. 1041 Schedule D Gain (Loss) from Column D Subject to Michigan Income Tax 6. 8. 9. Capital gain distributions .................................................................... 9. 10. Enter gain, if applicable, from U.S. Form 4797................................... 10. 11. Long-term capital loss carryover from 2022 ....................................... 12. Net long-term gain or (loss). Combine lines 6 through 11. Enter here and on line 14, column A................................................... 11. ( A Total Gain or (Loss) Federal Michigan Federal Gain (Loss) from Column h of U.S. 1041 Schedule D 2. 7. Long-term capital gain or (loss) from U.S. Forms 2439, 4684, 6252, 6781, and 8824................................................................................... 8. Enter net long-term gain or (loss) from partnerships, S corporations and other estates or trusts.................................................................. PART 3: SUMMARY OF PARTS 1 AND 2 E Michigan Gain (Loss) 1. PART 2: LONG-TERM CAPITAL GAINS AND LOSSES (ASSETS HELD MORE THAN ONE YEAR) 6. Combine long-term totals from MI-8949, line 4 and U.S. Form 1041 Schedule D line 8a, column h............................................................. D Federal Gain (Loss) 7. ) ( ) 12. B Fiduciary Federal Michigan C Beneficiary Federal Michigan 13. Net short-term gain or (loss) from line 5................................. 14. Net long-term gain or (loss) from line 12.............................. 15. Total net gain or (loss). Combine lines 13 and 14.......... For resident estates and trusts if line 15, column A is a net loss continue to Part 4. If line 15, column A is a net gain, continue to Part 5. For nonresident estates and trusts carry line 15, column B, Michigan column to Form MI-1041, Schedule NR, line 24 and then continue to Part 4. Continued on Page 2. 2023 MI-1041D, Page 2 of 2 Federal Employer Identification Number (FEIN) PART 4: COMPUTATION OF CAPITAL LOSS LIMITATION D Federal 16. If line 15 column A, shows a net loss, enter the smaller of: (a) the fiduciary’s share of net loss on line 15, column B; or (b) $3,000 ......................................................................................................... 16. ( E Michigan ) ( ) Note: When determining whether 16a or 16b is smaller, treat both numbers as if they were positive. Resident estates and trusts complete Part 5. Nonresident estates and trusts carry line 16, Michigan column E to Form MI-1041 Schedule NR, line 27. If the net loss on line 15, column A, is more than $3,000, or if the taxable income on U.S. Form 1041, page 1, line 23, is zero or less, complete Part 6 to determine the loss carryover. PART 5: COMPUTATION OF CAPITAL ADJUSTMENT - FOR RESIDENT ESTATES OR TRUSTS Gains 17. Enter the fiduciary’s share of net gain from line 15, column B, federal column, as a negative number; if a loss, enter “0” .................................................................... 18. Enter the fiduciary’s share of net gain from line 15, column B, Michigan column, as a positive number; if a loss, enter “0”................................................................. Losses 19. Enter loss from line 16, federal column, as a positive number. If no loss shows, enter “0”. ..................................................................................... 20. Enter loss from line 16, Michigan column, as a negative number. If no loss shows, enter “0” ...................................................................................... Adjustment 21. Combine lines 17 through 20. Enter the total here and on MI-1041, line 11 ....... PART 6: COMPUTATION OF CAPITAL LOSS CARRYOVERS FROM 2023 TO 2024 Carryover Limit 22. Enter taxable income/loss from 2023 U.S. Form 1041, line 23, or U.S. Form 990-T, Part I, line 11 in column D and MI-1041, line 12 in column E ...................................... 23. Enter the loss from line 16 as a positive amount................................................... 24. Enter the amount from U.S. Form 1041, line 21, or U.S. Form 990-T, Part I, line 8.. 25. Adjusted taxable income. Combine lines 22, 23 and 24. If less than zero, enter “0”. ................................................................................................................ 26. Enter the smaller of line 23 or 25........................................................................... 17. ( ) 18. 19. 20. 21. D Federal 22. 23. 24. 25. 26. NOTE: Complete this section only if there is a loss shown on line 5 and line 15, column A. Short-Term Capital Loss Carryover 27. Enter the loss shown on Part 1, line 5 as a positive amount. ................................ 27. 28. Enter the gain, if any, from line 12. If that line is blank or shows a loss, enter “0”. ................................................................................................................ 28. 29. Enter the amount from line 26, above. .................................................................. 29. 30. Add lines 28 and 29............................................................................................... 30. 31. Short-term capital loss carryover to 2024. Subtract line 30 from line 27. If less than zero, enter “0”. ............................................................................................... 31. NOTE: Complete this section only if there is a loss shown on line 12 and line 15, column A. Long-Term Capital Loss Carryover 32. Enter the loss shown on Part 2, line 12 as a positive amount ..................................... 32. 33. Enter the gain, if any, from line 5. If that line is blank or shows a loss, enter “0”. ................................................................................................................ 33. 34. Enter the amount from line 26. .............................................................................. 34. 35. Enter the amount, if any, shown on line 27............................................................ 35. 36. Subtract line 35 from line 34. If less than zero, enter “0”....................................... 36. 37. Add lines 33 and 36............................................................................................... 37. 38. Long-term capital loss carryover to 2024. Subtract line 37 from line 32. If less than zero, enter “0”. ............................................................................................... 38. E Michigan 2023 MI-1041D, Page 3 Instructions for Form MI-1041D Adjustments of Capital Gains and Losses When To File Use this form to adjust Michigan taxable income if the estate or trust has capital gains or losses that are attributable to: 1. 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. 2. Periods before October 1, 1967 (Section 271 adjustment). If U.S. Forms 1041 Schedule D or 4797 were filed, and an election to adjust under Section 271 of the Michigan Income Tax Act was made, file the equivalent Michigan forms (MI-1041D or MI-4797). All items of gain or loss realized during the tax year must be included. 3. Gains or losses from the sale or exchange of U.S. obligations that cannot be taxed by Michigan. Form MI-1041D must be included with the Michigan Fiduciary Income Tax Return (MI-1041). General Information Page 1 of Form MI-1041D follows the pattern of page 1 of the U.S. Form 1041 Schedule D and all the information necessary for completing it should be taken from the U.S. Form 1041 Schedule D. Rounding Dollar Amounts Round down amounts of 49 cents or less. Round up amounts of 50 cents or more. If cents are entered on the form, they will be treated as whole dollar amounts. Identification Enter the name of the estate or trust and the Federal Employer Identification Number (FEIN) at the top of the MI-1041D. Parts 1 and 2 If U.S. Form 8949 Sales and Other Dispositions of Capital Assets was filed, complete Form MI-8949 in the same manner. Transfer the information to MI-1041D, following the instructions on Form MI-1041D. If the U.S. Form 8949 discloses capital assets reported under Internal Revenue Code (IRC) Sections 1245 and 1250, these assets must be reported on MI-8949. Also, if capital assets are allocated to another state, they are excluded from the portion subject to Michigan income tax. A capital loss carryover from preceding years is entered as a short-term loss on line 4 or as a long-term loss on line 11. Federal Information Line 1: Combine the amount from MI-8949, line 2, and the amount from U.S. Form 1041 Schedule D, line 1a, column h. For lines 2, 3, 4, 5, 7, 8, 9, 10, 11 and 12 column D, enter the amounts from U.S. Form 1041 Schedule D, for the corresponding line numbers listed on the top of the next column. Corresponding lines on MI-1041D and U.S. 1041 Schedule D MI-1041D 2 3 4 5 7 8 9 10 11 12 U.S. 1041 4 5 6 7 11 12 13 14 15 16 Schedule D Line 6: Combine the amount from MI-8949, line 4, and the amount from U.S. Form 1041 Schedule D, line 8a, column h. Michigan Information Enter the portion of federal gain and loss subject to Michigan tax in column E on lines 2, 3, 4, 5, 7, 8, 9, 10, 11 and 12. Section 271 of the Michigan Income Tax Act. To apportion under Section 271 multiply the gain (loss) in column E 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 Michigan 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 the federal gain in federal column D and zero in Michigan column E. Gains or losses from installment sales made after October 1, 1967, are subject to Michigan tax but may be apportioned under Section 271. Distributions from employee’s pension, stock bonus or profitsharing trust plans that are considered to be long-term capital gains (under IRC 402) and capital gains distributions are not eligible for Section 271 treatment. Enter the total gain in both the federal and state columns. U.S. Obligations. Gains from the sale or exchange 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 entered on MI-1041, line 32. (See MI-1041 instruction booklet for line 32 on page 5.) Capital gains or losses from the sale or exchange of municipal bonds are taxable for Michigan residents. Out-of-State Property. Gains from the sale of property located in another state are not subject to Michigan tax, and losses are not deductible. Enter in the Michigan column the gain or loss from the sale or exchange of (1) real property located in Michigan, or (2) tangible personal property located in Michigan at the time of the sale or if the taxpayer was a Michigan resident estate or trust, or (3) intangible personal property sold by a Michigan resident estate or trust. 2023 MI-1041D, Page 4 Part 3: Lines 13, 14, and 15 Column A: Enter the corresponding net short-term or long-term gain (loss) from column D (federal) and column E (Michigan) in the appropriate boxes. Combine lines 13 and 14 and enter the result on line 15. Column B: Enter the share of short-term and long-term gains and losses retained by the fiduciary. Follow the instructions on the form for resident and nonresident estates and trusts. Column C: Enter the share of short-term and long-term gains (losses) distributed to the beneficiaries. Totals on line 15 should equal the totals on Form MI-1041, Schedule 4, line 44. Part 6 If the net loss on line 15, column A, is more than $3,000, or if the taxable income on U.S. Form 1041, line 23 or U.S. Form 990-T, Unrelated Business Taxable Income is zero or less, complete this section to determine the capital loss carryover.
Extracted from PDF file 2023-michigan-mi-1041d.pdf, last modified November 2012

More about the Michigan MI-1041D Estate Tax TY 2023

Form MI-1041D is used to file an estate or trust has capital gains or losses from the sales of properties located in other states.

We last updated the Adjustments of Capital Gains and Losses in February 2024, so this is the latest version of MI-1041D, fully updated for tax year 2023. You can download or print current or past-year PDFs of MI-1041D directly from TaxFormFinder. You can print other Michigan tax forms here.

Other Michigan Estate Tax Forms:

TaxFormFinder has an additional 97 Michigan income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
MI-1041 (Schedule NR) Fiduciary Nonresident Schedule
MI-1041D Adjustments of Capital Gains and Losses

Download all MI tax forms View all 98 Michigan Income Tax Forms


Form Sources:

Michigan usually releases forms for the current tax year between January and April. We last updated Michigan MI-1041D from the Department of Treasury in February 2024.

Show Sources >

About the Estate Tax

The IRS, and many states, impose an estate tax on the transfer of cash and property between a decedent and their beneficiaries. These taxes generally only apply to estates over a certain size threshold, generally several million dollars, and therefore only affects the largest few percent of estates in the United States.

Historical Past-Year Versions of Michigan MI-1041D

We have a total of three past-year versions of MI-1041D in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2023 MI-1041D

2023 MICHIGAN Adjustments of Capital Gains and Losses MI-1041D

2022 MI-1041D

2022 MICHIGAN Adjustments of Capital Gains and Losses MI-1041D

2021 MI-1041D

2021 MICHIGAN Adjustments of Capital Gains and Losses MI-1041D


TaxFormFinder Disclaimer:

While we do our best to keep our list of Michigan Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/michigan/mi-1041d