541 Schedule D: Capital Gain or Loss (2024)
California · FTB · Used for tax years 2024
California Schedule D (541) reports capital gains and losses and attaches to Form 541 or Form 109. It includes property sales, installment-sale gains, gains or losses from other entities, capital gain distributions, and capital loss carryovers, and calculates the capital loss lim
Who files this form
California Schedule D (541) is used to report capital gains and losses and is attached to Form 541 or Form 109. The form includes amounts for beneficiaries, the fiduciary, and the total.
What you'll need
Have the following information available, as applicable:
- The name shown on the tax return and FEIN.
- For each property sale: a description, acquisition date, sale date, gross sales price, and adjusted cost or other basis plus selling expenses.
- Form FTB 3805E, line 26 or line 37, for capital gains from installment sales.
- Your share of net gains or losses from S corporations, fiduciaries, partnerships, and LLCs.
- Capital gain distribution amounts.
- California Schedule D-1, if it reports an applicable gain.
- Your capital loss carryover from 2023.
How to file
Attach Schedule D (541) to Form 541 or Form 109.
- Report capital gains and losses in Part I, then carry the net amount from line 8 to line 9 in Part II.
- If line 9, column (c), is a net gain, enter it on Form 541, line 4, or Form 109, Side 2, Part I, line 4a.
- If line 9, column (c), is a net loss, complete Part III. Line 10 directs you to enter the smaller of that net loss or $3,000 and report it as a loss on Form 541, line 4, or Form 109, Side 2, Part I, line 4c.
The supplied form text does not give a mailing address or e-filing directions.
Common mistakes
- Do not carry a decedent's capital loss over to an estate. The form explicitly states that no capital loss carryover is allowed from a decedent to an estate.
Questions people ask
How do I calculate the gain or loss on a property sale?
Subtract column (e), adjusted cost or other basis plus selling expenses, from column (d), gross sales price. Enter the result in column (f).
Where do I report capital gains from installment sales?
Enter capital gains from Form FTB 3805E, line 26 or line 37, on Schedule D (541), line 2.
Where do I enter gains or losses from a partnership or LLC?
Enter your share of net gains or losses from partnerships, LLCs, S corporations, and fiduciaries on line 3.
Which year's capital loss carryover goes on the 2024 schedule?
Line 7 asks for the capital loss carryover from 2023. A decedent's capital loss cannot carry over to an estate.