IA 1139-CAP-2025

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The document is an application form (IA 1139-CAP) from the Iowa Department of Revenue for corporations to request a refund due to the carryback of capital losses. It outlines the necessary information required, including details about the corporation, tax periods, and calculations related to net income and capital losses. The form must be mailed separately from the Iowa return and includes specific instructions for completing it, as well as guidelines on how capital losses can be carried back or forward.

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How long does it take to process 1139?

Processing Time: Form 1139 is designed for expedited processing, typically within 90 days, whereas Form 1120-X may take longer due to the possibility of an IRS examination.

What is the statute of limitations for form 1139?

Generally, the corporation must file Form 1139 within 12 months of the end of the tax year in which an NOL, net capital loss, unused credit, or claim of right adjustment arose. The corporation must file its income tax return for the tax year no later than the date it files Form 1139. Form 1138.

What is the purpose of form 1139?

Corporations (other than S corporations) use this form to apply for a quick refund of taxes from: the carryback of a net operating loss (or a loss from operations of a life insurance company), the carryback of a net capital loss, the carryback of an unused general business credit, or.

How to avoid Iowa capital gains tax on real estate?

Consider 1031 Exchanges For real estate investors, a 1031 exchange offers a way to potentially defer capital gains taxes. This provision allows you to sell an investment property and reinvest the proceeds into a like-kind property, deferring the capital gains tax liability.

What to attach to form 1139?

Attach to Form 1139 copies of the following, if applicable, for the year of the loss or credit. results (for example, Schedule D (Form 1120), Capital Gains and Losses; Form 3800, General Business Credit, etc.). Statement, attached to the corporations tax return.

Can form 1139 be filed electronically?

Do the following to prepare Form 1139. At this time, you cant e-file Form 1139. When you electronically file a corporate return that includes Form 1139, you can file a paper copy of the form later.

IA 1139-CAP-2025

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