Instructions for Form 565 Schedule D Capital Gain or Loss - California

This document contains official instructions for Form 565 Schedule D, Capital Gain or Loss - a form released and collected by the California Franchise Tax Board.

FAQ

Q: What is Form 565 Schedule D?
A: Form 565 Schedule D is used to report capital gain or loss for taxpayers filing a California partnership return.

Q: Who should file Form 565 Schedule D?
A: Partnerships in California that have realized capital gains or losses during the tax year should file Form 565 Schedule D.

Q: What types of capital gains or losses should be reported on Form 565 Schedule D?
A: Any capital gains or losses from the sale or exchange of assets should be reported on Form 565 Schedule D.

Q: What information is required to complete Form 565 Schedule D?
A: To complete Form 565 Schedule D, you need to provide information about the assets sold or exchanged, the date of sale or exchange, the sales price or fair market value, and the cost or basis of the assets.

Q: When is the deadline to file Form 565 Schedule D?
A: Form 565 Schedule D should be filed along with Form 565 by the original due date of the partnership return, which is generally the 15th day of the 4th month after the close of the tax year.

Q: Are there any penalties for not filing Form 565 Schedule D?
A: Yes, there can be penalties for failing to file Form 565 Schedule D or for filing it late. It is important to file the form accurately and on time to avoid any penalties.

Q: Is Form 565 Schedule D required for individual taxpayers?
A: No, Form 565 Schedule D is specifically for partnerships in California. Individual taxpayers should use Schedule D of Form 1040 to report their capital gains or losses.

Q: Is there a fee for filing Form 565 Schedule D?
A: There is no specific fee for filing Form 565 Schedule D. However, other fees and taxes may apply to California partnerships depending on their income and activities.