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2007 Instructions for Schedule D

taxmap/instr/i1040sd-000.htm#TXMP40d82bc4 Capital Gains and Losses

2007

Use Schedule D (Form 1040) to report the following.

• The sale or exchange of a capital asset (defined on this page) not reported on another form or schedule.
• Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit.
• Capital gain distributions not reported directly on Form 1040, line 13 (or effectively connected capital gain distributions not reported directly on Form 1040NR, line 14).
• Nonbusiness bad debts.

taxmap/instr/i1040sd-000.htm#TXMP15d262af Additional information.

See Pub. 544 and Pub. 550 for more details. For a comprehensive filled-in example of Schedule D, see Pub. 550.

taxmap/instr/i1040sd-000.htm#TXMP2f584229 What's New

taxmap/instr/i1040sd-000.htm#TXMP7c8503d0 Self-created musical works.

You can elect to treat certain musical compositions or copyrights as capital assets. See Pub. 550 for details.

taxmap/instr/i1040sd-000.htm#TXMP07b774a9 Sale of your home.

The election to suspend the 5-year test period for ownership and use of a main home now can be made by employees of the intelligence community. See Sale of Your Home on page D-2.

taxmap/instr/i1040sd-000.htm#TXMP66fd40f2 Renewal community businesses.

If you sold or exchanged a qualified community asset acquired after December 31, 2001, and held more than 5 years, you may be able to exclude any qualified capital gain. See Exclusion of Gain From Qualified Community Assets on page D-6.

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