02-11) 2010 MICHIGAN Adjustments of Capital Gains and Losses Issued under authority of Public Act 28: Fill out & sign online

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What is a gain or loss adjustment?

Capital gains and losses are generally calculated as the difference between what you bought the asset for (the IRS calls this the tax basis) and what you sold the asset for (the sale proceeds). Certain assets can have adjustments to the basis that can affect the amount gained or lost for tax purposes.

What is considered a capital gain or loss?

Generally, capital gains and losses occur when you sell something for more or less than you spent to purchase it. Capital gains occur on any asset sold for a price higher than the purchase price. Capital losses occur on any asset sold for a price less than the purchase price.

Is Michigan exempt from capital gains tax?

Unlike the federal government, Michigan makes no distinction between short-term and long-term capital gains or even between capital gains and ordinary income. Instead, it taxes all capital gains as ordinary income, using the same rates and brackets as the regular state income tax.

How do you claim capital losses against capital gains?

To claim capital losses, complete Schedule 3 of your return and transfer the amount to line 12700 of your Income Tax and Benefit Return. If your capital loss exceeds your capital gains for the year, you may carry the loss back to one of the three previous years.

What are adjustments to capital gains?

Updating the original purchase cost by taking into account any increases or decreases to its value is primarily used to compute the capital gain or loss on a sale for tax purposes. In general, an adjustment that increases the cost basis will lower ones tax burden.

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