Sch. D1: Sales of Business Property (2024)
Hawaii · Hawaii DoTax · Used for tax years 2024
Hawaii Schedule D-1 reports gains and losses from sales or exchanges of business property and involuntary conversions. It also calculates recapture amounts under IRC sections 179 and 280F(b)(2) when business use drops to 50% or less.
Who files this form
Hawaii Schedule D-1 is used to report sales of business property, involuntary conversions, and recapture amounts under IRC sections 179 and 280F(b)(2).
The schedule covers:
- Sales or exchanges of property used in a trade or business, including property held more than 1 year and property held 1 year or less.
- Ordinary gains and losses.
- Gains from disposing of property covered by IRC sections 1245, 1250, 1252, 1254, and 1255.
- Recapture under IRC sections 179 and 280F(b)(2) when business use drops to 50% or less.
The form includes reporting directions for individuals, partnerships, S corporations, and other filers.
What you'll need
Have the information needed for the parts that apply to you:
- Your name as shown on your tax return and your Social Security number or federal employer identification number.
- Property descriptions, acquisition dates, and sale dates.
- Gross sales prices, cost or other basis, improvements, selling expenses, and depreciation allowed or allowable.
- Federal Forms 1099-B or 1099-S, or substitute statements, reporting 2024 proceeds that you will include on lines 2, 11, or 21.
- Federal Forms 4684, 6252, and 8824, if you are reporting amounts from those forms.
- Prior-year nonrecaptured net IRC section 1231 losses, if applicable.
- Prior-year section 179 deductions or depreciation amounts and recomputed depreciation, if completing Part IV.
How to file
File Schedule D-1 with your tax return. The form lists Forms N-15, N-20, N-30, N-35, and N-40, among others, and directs filers to separate instructions, including those for N-11 or N-15.
The supplied form text does not give a mailing address or e-file directions.
Common mistakes
- Do not confuse Hawaii Schedule D-1 with the federal Schedule D-1. The form specifically cautions against this.
- Before completing gross sales price on line 21, review line 1a, as the form reminds you to do.
- Complete the applicable Property A through D columns through line 30b before moving to the Part III summary on line 31.
Questions people ask
Is Hawaii Schedule D-1 the same as federal Schedule D-1?
No. The form specifically warns not to confuse the two.
Where do I report ordinary gains and losses from property held 1 year or less?
Part II, line 11 includes property held 1 year or less and ordinary gains and losses not included on lines 12 through 17.
What goes on line 1a?
Enter gross proceeds reported to you for 2024 on federal Forms 1099-B or 1099-S, or substitute statements, that you will include on line 2, column (d); line 11, column (d); or line 21.
Where do partnerships and S corporations report the amount from line 8?
Partnerships enter it on Form N-20, Schedule K, line 10. S corporations enter it on Form N-35, Schedule K, line 9. Both skip lines 9, 10, 12, and 13 of Schedule D-1.
What is Part IV for?
Part IV calculates recapture amounts under IRC sections 179 and 280F(b)(2) when business use drops to 50% or less. Line 36 subtracts recomputed depreciation on line 35 from the amount on line 34.