2023 I-070 Schedule WD - Capital Gains and Losses Wisconsin Schedule WD - Capital Gains and Losses-2025

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You can exclude up to $250,000 of your gain. You can do this if you meet these conditions and file as Single, Head of Household, or Married Filing Separately. If you file Married Filing Jointly, you can exclude up to $500,000.
Home Sale. If you owned and lived in your home for two of the last five years before the sale, then up to $250,000 of profit may be exempt from federal income taxes. If you are married and file a joint return, then it doubles to $500,000.
Purpose of Schedule: Schedule WD is used to determine the amount of capital gain or loss which you must include in Wisconsin income. Generally, all amounts reported on your federal Schedule D must be reported on Schedule WD.
Wisconsin treatment: Capital losses are allowed in full against capital gains. Beginning in taxable year 2023, if the losses are more than the gains, up to $3,000 ($1,500 if married and file a separate return) of the excess loss is allowed as a deduction against other income.
Current tax law does not allow you to take a capital gains tax break based on your age. In the past, the IRS granted people over the age of 55 a tax exemption for home sales, though this exclusion was eliminated in 1997 in favor of the expanded exemption for all homeowners.
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Youll use Schedule D to report capital gains and losses from selling or trading certain assets during the year. Capital assets include personal items like stocks, bonds, homes, cars, artwork, collectibles, and cryptocurrency. You need to report gains and losses from selling these assets.
Wisconsin taxes capital gains as income. Long-term capital gains can apply a deduction of 30% (or 60% for capital gains from the sale of farm assets). The capital gains tax rate reaches 7.65%.

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