N-20 Sch. D: Capital Gains & Losses (Form N-20) (2024)
Hawaii · Hawaii DoTax · Used for tax years 2024
Hawaii Schedule D (Form N-20) reports a partnership’s short-term and long-term capital gains and losses and is filed with Form N-20. It includes sales or exchanges of capital assets and the partnership’s share of capital gains and losses from other partnerships, estates, and trus
Who files this form
Partnerships use Schedule D (Form N-20) to report sales or exchanges of capital assets. File it with Form N-20.
Do not include the partnership’s capital gains or losses that are specially allocated to individual partners. Report those directly on Schedule K and Schedule K-1, line 8, 9, or 11, as applicable.
Include capital gains or losses allocated to the partnership by other partnerships, estates, or trusts on Schedule D, line 4 or 10, as applicable.
What you'll need
Have the following information and documents ready, as applicable:
- The partnership’s name and federal employer identification number.
- Property descriptions, acquisition and sale dates, sales prices, and cost or other basis for each transaction.
- Federal Form 1099-B or a similar broker statement for stock and bond sales.
- Schedule K-1 or other information from partnerships, estates, and trusts reporting gains or losses allocated to your partnership.
- Federal Form 6252 for installment-sale gains and federal Form 8824 for like-kind exchanges.
Attach a statement if you need more space for transactions. If you do not use cash cost as the property’s basis, attach an explanation of the basis.
How to file
File Schedule D with Form N-20. The provided text does not give a mailing address or e-filing instructions.
- Report gains and losses on assets held one year or less in Part I.
- Report gains and losses on assets held more than one year in Part II.
- For each transaction on line 1 or 7, subtract column (e), cost or other basis, from column (d), sales price. Enter losses in parentheses.
- Add lines 1 through 5 in column (f). Enter the net short-term amount on line 6 and on Schedule K, line 8 or 11.
- Add lines 7 through 12 in column (f). Enter the net long-term amount on line 13 and on Schedule K, line 9 or 11.
Common mistakes
- Including gains or losses specially allocated to individual partners. The form says not to include these on Schedule D. Report them directly on Schedule K and Schedule K-1, line 8, 9, or 11, as applicable.
- Missing separate reporting for qualified-stock gains. The form cautions that a section 1045 rollover amount must also be separately stated on Schedule K, line 11, because each partner must determine eligibility. Gains eligible for rollover only at the partner level, and qualified-stock gains that could qualify for the section 1202 50% exclusion, must be separately stated on that line, not on Schedule D.
Questions people ask
What is the difference between short-term and long-term gains?
Short-term gains and losses are from assets held one year or less. Long-term gains and losses are from assets held more than one year.
Which dates should I use for stock and bond transactions?
For stocks and bonds traded on an exchange or over-the-counter market, use the trade dates as the acquisition and sale dates.
Should I report gross or net proceeds from stock and bond sales?
Generally, report the gross amount shown on federal Form 1099-B or a similar broker statement. If the broker says it reported gross proceeds less commissions and option premiums to the Department of Taxation, enter that net amount instead.
What if there is not enough room to list all transactions?
Attach a statement if you need more space for lines 1 and 7.
Where do I report sales of business property rather than capital assets?
The form directs you to Schedule D-1 and its related instructions for sales or exchanges of property other than capital assets, including property used in a trade or business. For involuntary conversions caused by casualty or theft, use federal Form 4684.