N-20 Sch. D: Capital Gains & Losses (Form N-20) (2025)
Hawaii · Hawaii DoTax · Used for tax years 2025
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 capital gains or losses received from other partnerships, estates, and trusts.
Who files this form
Partnerships use Schedule D (Form N-20) to report sales or exchanges of capital assets, except gains and losses that the partnership specially allocates to its partners.
- Report gains and losses specially allocated to the partnership by other partnerships, estates, or trusts on line 4 or 10, as applicable.
- Report the partnership’s gains and losses specially allocated to its partners directly on Schedules K and K-1, line 8, 9, or 11, as applicable. Do not include those amounts on Schedule D.
What you'll need
Have the following information and documents available, 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.
- Federal Form 6252 for installment-sale gains and federal Form 8824 for like-kind exchanges.
- Schedules K-1 or other information from partnerships, estates, and trusts that report capital gains or losses to the partnership.
- Information about purchase commissions, improvements, depreciation, amortization, depletion, and other basis adjustments.
Attach an explanation if the partnership does not use cash cost as its basis. Attach a statement if more space is needed for transactions on lines 1 and 7.
How to file
File Schedule D with Form N-20.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Including gains or losses specially allocated to partners on Schedule D. The form says to report these directly on Schedules K and K-1, line 8, 9, or 11, as applicable, instead.
- Missing separate reporting for a qualified-stock rollover. The caution says to separately state gain rolled over under section 1045 on Schedule K, line 11, because each partner must determine whether they qualify for the rollover.
- Putting certain partner-level qualified-stock gains on Schedule D. The same caution says to separately state on Schedule K, line 11, rather than Schedule D, gains that qualify for a section 1045 rollover at the partner level instead of the partnership level, and gains that could qualify for the 50% exclusion under section 1202.
Questions people ask
What is the difference between short-term and long-term gains and losses?
Short-term applies to assets held for 1 year or less. Long-term applies to assets held for more than 1 year.
Which dates should I use for stock and bond trades?
For stocks and bonds traded on an exchange or over-the-counter market, use the trade dates as the acquisition and sale dates.
How do I calculate the gain or loss on lines 1 and 7?
Subtract column (e), cost or other basis, from column (d), sales price. Make a separate entry for each transaction and put negative amounts in parentheses.
Where do the net totals go?
Add lines 1 through 5 in column (f) and enter the short-term total on line 6 and Schedule K, line 8 or 11. Add lines 7 through 12 in column (f) and enter the long-term total on line 13 and Schedule K, line 9 or 11.
Is Schedule D used for sales of business property that is not a capital asset?
The form directs you to Schedule D-1 and its instructions for sales or exchanges of property other than capital assets, including property used in a trade or business.