Instructions For Form 1-Nr/py - Massachusetts Nonresident Or Part-Year Resident Income Tax - 2006 Page 29
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2006 Form 1-NR/PY Instructions — Schedule Instructions
Line 12. Gain on Sale of Business
Line 21. Available Short-Term
Part 3. Adjusted Gross Interest,
Property
Losses
Dividends Short-Term Capital Gains
Enter from U.S. Form 4797 the amount of gain
Combine lines 19 and 20. This amount should be
and Long-Term Gains
from the sale, exchange or involuntary conversion
“0” or less. If line 21 is less than “0,” go to line 22.
on Collectibles
of property used in a trade or business and held
If line 21 is “0,” omit lines 22 through 28 and go
Line 31. Subtotal Interest and
for one year or less.
to Part 3.
Dividends
If Schedule B, line 21 is a loss and Schedule D, line
Line 14. Allowable Deductions
If Schedule D, line 14 is “0” or greater, omit Sched-
12 is a loss, omit line 22, enter the amount from
From Your Trade or Business
ule B, line 32 and enter the amount from Schedule
line 21 in line 23 and line 40, omit lines 24 through
Enter the appropriate amount from Massachusetts
B, line 31 in Schedule B, line 33. If Schedule D,
28 and complete Parts 3 and 4.
Schedule C-2 if you qualify for an excess trade or
line 14 is a loss, go to Schedule B, line 32.
Line 22. Short-Term Losses Applied
business deduction. Generally, taxpayers may not
Line 32. Long-Term Losses Applied
use excess 5.3% deductions to offset other income.
Against Long-Term Gains
Against Interest and Dividends
However, where the taxpayer files a Massachusetts
If Schedule B, line 21 is a loss and Schedule D, line
Schedule C or Schedule E, Massachusetts law al-
If Schedule B, line 31 is a positive amount and
12 is greater than “0,” enter the smaller of Sched-
lows such offsets if the following requirements are
Schedule D, line 14 is a loss, complete the Long-
ule B, line 21 (considered as a positive amount) or
met: the excess 5.3% deductions must be adjusted
Term Capital Losses Applied Against Interest and
Schedule D, line 12 in Schedule B, line 22 and in
gross income deductions allowed under MGL Ch.
Dividends Worksheet for Schedule B, Line 32 and
Schedule D, line 13.
62, sec. 2(d); and these excess deductions may
Schedule D, Line 15. When completing the work-
only be used to offset other income which is effec-
Line 23. Short-Term Losses for
sheet, be sure to enter all losses as a positive
tively connected with the active conduct of a trade
amount.
Carryover in 2007
or business or any other income allowed under
Combine line 21 and line 22 and enter the result
Part 4. Taxable Interest, Dividends
IRC, sec. 469(d)(1)(B) to offset losses from pas-
in line 23 and in line 40, omit lines 24 through 28
sive activities.
and Certain Capital Gains
and complete Part 3 and Part 4.
Line 36. Excess Exemptions
Line 16. Short-Term Capital Losses
Line 24. Short-Term Gains and
Enter the amount from line 7 of the Excess Exemp-
Enter the gross short-term capital losses included
Long-Term Gains on Collectibles
tion and Excess Home Heating Fuel Deduction
in U.S. Schedule D, lines 1, 2, 4 and 5, column (f).
Enter the amount from Schedule B, line 19. If
Worksheet. Complete only if single, head of
Schedule D, line 12 is “0” or greater, omit line 25
Line 17. Loss on Sale of Business
household or married filing a joint return and
and enter the amount from line 24 in line 26. If
Form 1-NR/PY, line 22 is greater than Form
Property
Schedule D, line 12 is a loss, go to Schedule B,
1-NR/PY, line 21.
Enter from U.S. Form 4797 the amount of loss
line 25.
from the sale, exchange or involuntary conver-
Long-Term Capital Losses Applied Against
sion of property used in a trade or business and
Line 25. Long-Term Losses Applied
Interest and Dividends Worksheet for Sched-
held for one year or less.
Against Short-Term Gains
ule B, Line 32 and Schedule D, Line 15.
Complete only if Schedule B, line 31 is a
If Schedule B, line 24 is greater than “0,” and
Line 18. Prior Years Short-Term
positive amount and Schedule D, line 14 is
Schedule D, line 12 is a loss, enter the smaller of
Unused Losses
a loss. Enter all losses as positive amounts.
Schedule B, line 24 or Schedule D, line 12 (consid-
You may use short-term losses accumulated in the
ered as a positive amount) in Schedule B, line 25
1. Enter amount from Schedule B,
previous taxable years beginning after 1981 in the
and in Schedule D, line 13.
line 29 . . . . . . . . . . . . . . . . . . . . . . .
computation of short-term gain or loss for the cur-
2. Enter the lesser of line 1 or $2,000
rent year. Enter here the amount from your 2005
Line 27. Long-Term Gains Deduction
3. Enter the amount from Schedule B,
Massachusetts Schedule B, line 40.
Complete only if lines 11 and 26 are greater
line 30 . . . . . . . . . . . . . . . . . . . . . . .
4. Subtract line 3 from line 2. If “0”or less
than”0.” If there is no entry in line 11, enter “0.” If
Line 19. Subtotal Interest and
omit the remainder of worksheet. Otherwise,
line 11 shows a gain, enter 50% of line 11 minus
Dividends and Certain Capital
complete lines 5 and 6 . . . . . . . . . .
50% of losses in lines 16, 17, 18 and 25, but not
Gains and Losses
5. Enter any loss from Schedule D, line 14
less than “0.”
as a positive amount. Otherwise,
Combine lines 15 through 18. If “0” or greater,
Example: Jack has a long-term capital gain on col-
enter “0” . . . . . . . . . . . . . . . . . . . . .
omit lines 20 through 23 and enter the amount
lectibles of $1,000 entered in line 11 and line 15.
6. If line 4 is smaller than or equal to line 5, enter
from line 19 in line 24. If less than “0,” complete
He does not have any other interest income (other
line 4 here and in Schedule B, line 32 and in
line 20.
than interest from Massachusetts banks) and div-
Schedule D, line 15. If line 4 is larger than line 5,
idend income. Jack also has a short-term capital
Line 20. Short-Term Losses Applied
enter line 5 here and in Schedule B, line 32 and
loss of $100 entered in line 16 and a prior year
in Schedule D, line 15 . . . . . . . . . . .
Against Interest and Dividends
short-term unused loss of $200 entered in line 18.
Enter the smaller of line 9 or line 19 (considered
Jack enters $350 in line 27: $500 (50% of $1,000)
as a positive amount). Not more than $2,000.
minus $150 (50% of $300) = $350.
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