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Form 1040 - Schedule M Lowell Massachusetts: What You Should Know

Received rental income. Received an excess box item. Your net income and the applicable federal income tax return do not change depending on whether you meet the additional deductions and excess box item rules. For example, if you make a taxable distribution from the sale of taxable property, your net income and the applicable federal tax return do not change if you have an excess box item. Exceptions to the Additional Tax Deductions and Excess Box Item Deductions — The following are considered excess box items that are not allowed as a subtraction or excess deductions: Income attributable to qualified principal residence if the residence is qualified. Interest paid on qualified education loans. Proceeds from the disposal of a personal residence, or the sale or retirement of a business, if the sale or retirement is not qualified. Gross income from an office in which you perform or attempt to perform the services of your trade or business, whether the place of business is subject to taxation. Gross income from a trade or business used to further carry on your trade or business. Capital Gains From Capital Assets — Capital gains from the disposition of property are generally not taxable. However, the sale of a principal residence or the investment in any other capital asset (stocks, bonds and mutual funds, and other securities) is taxable. If you receive capital gains from the sale or other disposition of a qualified capital asset, you must report them on the Schedule M unless the asset was an excess box item. If you receive capital gains from your business, report the income in box 1 on your Schedule M. If you have the additional tax deductions of a qualified principal residence, excess box items are allowed for net capital gain of 250,000 or less from your sales or dispositions. Note: When reporting net capital gain (250,000 or less) from the sale or dispositions of a principal residence, the sale of a qualified principal residence to another resident of the same household in which the qualified principal residence was sold is reportable on the separate Schedule M. This schedule lists your gross income. For more information about the sale of a principal residence see the page on Sell a Principal Residence. You can't take 7.

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