Schedules D & E: Schedules D & E (Form 40) (2024)
Alabama · Alabama DOR · Used for tax years 2024
Alabama Schedules D and E attach to Form 40 for 2024. Schedule D reports net profit or loss from sales of real estate, stocks, bonds, and other property. Schedule E reports supplemental income or loss from rental real estate, royalties, partnerships, S corporations, estates, and
Who files this form
These schedules attach to Alabama Form 40 for tax year 2024:
- Schedule D reports net profit or loss from sales of real estate, stocks, bonds, and other property.
- Schedule E, Part I reports income or loss from rental real estate and royalties.
- Schedule E, Part II reports income from partnerships, S corporations, estates, and trusts.
What you'll need
Have the information requested on the schedules ready:
- Identification: Your name as shown on Form 40 and your Social Security number.
- Property sales: Kind of property, dates acquired and sold, amount received, depreciation allowable since acquisition, cost or other basis, and subsequent improvements.
- Rental real estate and royalties: Property kind and location, personal-use information, rents or royalties received, expenses, and depreciation or depletion.
- Partnerships, S corporations, estates, and trusts: Each entity’s name, address, employer identification number, entity type, and income amount.
How to file
Attach the completed schedules to Form 40.
- Enter Schedule D’s total net profit or loss on Schedule D, line 1, and on Form 40, page 2, Part I, line 3.
- On Schedule E, combine lines 23 and 24. Enter the total on line 25 and on Form 40, page 2, Part I, line 5.
The supplied form text does not provide a mailing address or e-filing directions.
Common mistakes
- Reporting certain personal-property rental business income on Schedule E: The form says that if you operate under a Federal Employer Identification Number, report income and expenses from your business of renting personal property on Schedule C or C-EZ.
- Forgetting to attach the schedules: Both schedules say to attach them to Form 40.
- Skipping the instructions: The form directs you to see the instructions for these schedules. Those instructions were not included in the supplied text.
Questions people ask
Where do I report profit or loss from selling stocks or real estate?
Use Schedule D. Its total goes on line 1 and on Form 40, page 2, Part I, line 3.
What personal use of a rental property does Schedule E ask about?
For each listed rental property, line 2 asks whether you or your family used it for personal purposes during the tax year for more than the greater of 14 days or 10% of the total days rented at fair rental value.
Where do I report income from a partnership, S corporation, estate, or trust?
Report it in Schedule E, Part II. Add the amounts in column (j), enter the total on line 24, and include it on line 25.
Where does the final Schedule E total go?
Combine lines 23 and 24, then enter the total on Schedule E, line 25, and on Form 40, page 2, Part I, line 5.