Michigan Sales and Other Dispositions of Capital Assets
Extracted from PDF file 2019-michigan-form-mi-8949.pdf, last modified November 2012
Sales and Other Dispositions of Capital AssetsReset Form Michigan Department of Treasury (Rev. 04-19), Page 1 of 2 2019 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949 Issued under authority of Public Act 281 of 1967, as amended. Include with Form MI-1040 or MI-1041. Report all amounts in whole dollar amounts. Type or print in blue or black ink. Attachment 21 Filer’s Name Shown on Tax Return Identifying Number PART 1: 1. ENTER ALL SHORT-TERM CAPITAL GAINS AND LOSSES - ASSETS HELD ONE YEAR OR LESS A Description of Property (Example, 100 shares of “Z” Co.) B Date Acquired (MM-DD-YYYY) C Date Sold (MM-DD-YYYY) 2. Line 1 short-term totals. Add column D (federal), and column E (Michigan). Enter here and carry to MI-1040D, line 1................ + 0000 2019 86 01 27 1 D Federal Gain (Loss) from Column h of U.S. 8949 E Gain (Loss) from Column D Subject to Michigan Income Tax 2. Continued on page 2. This form cannot be processed if page 2 is not completed and included. 2019 MI-8949, Page 2 of 2 Identifying Number PART 2: 3. ENTER ALL LONG-TERM CAPITAL GAINS AND LOSSES - ASSETS HELD MORE THAN ONE YEAR A Description of Property (Example, 100 shares of “Z” Co.) B Date Acquired (MM-DD-YYYY) C Date Sold (MM-DD-YYYY) 4. Line 3 long-term totals. Add column D (federal), and column E (Michigan). Enter here and carry to MI-1040D, line 6................ + 0000 2019 86 02 27 9 4. D Federal Gain (Loss) from Column h of U.S. 8949 E Gain (Loss) from Column D Subject to Michigan Income Tax 2019 MI-8949, Page 3 Instructions for Completing Form MI-8949 When to File NOTE: Only use this form to adjust your Michigan taxable income if you have capital gains or losses attributable to one of the following: • Gains or losses from the sale of certain types of properties located in other states and/or subject to Michigan’s allocation and apportionment provisions; or • Periods before October 1, 1967 (Section 271 adjustment). If you file U.S. Schedule D or Form 4797 and you elect to adjust under Section 271 of the Michigan Income Tax Act, you must file the equivalent Michigan forms (MI-1040D or MI-4797). You must include all items of gain or loss realized during the tax year; or • Gains or losses from the sale or exchange of U.S. obligations that cannot be taxed by Michigan. General Information Michigan Form MI-8949 follows the U.S. Form 8949 and all the information needed to complete it should be taken from your U.S. Form 8949. Form MI-8949 computations must be carried to Form MI-1040D. Both forms (MI-8949 and MI-1040D) must be included with your Form MI-1040. Do not adjust on this form any gains or losses included in the business income subject to apportionment on MI-1040H or Form MI-461. Gains or losses included on those forms are accounted for on Schedule 1, line 4 or line 13. Rounding Dollar Amounts Round all amounts to whole dollar amounts. Round down amounts less than 50 cents. Round up amounts of 50 through 99 cents. Do not enter cents. Identification For individual income tax filers, enter the filer’s name and full nine-digit Social Security number at the top of the form. For fiduciary filers, enter the name of the estate or trust and full Federal Employer Identification Number (FEIN). Parts 1 and 2 Federal Information Complete columns A, B, C and D of the MI-8949 from corresponding columns a, b, c and h of your U.S. Form 8949. If an election to defer tax on an eligible gain was made by investing in a Qualified Opportunity (QO) Fund, report the QO Fund information from U.S. Form 8949, columns a and b in MI-8949, columns A and B for each QO Fund reported. Enter any amount of adjustment from U.S. Form 8949, column g in MI-8949, column D and zero in column E for each QO Fund reported. Line 2: The amount reported on MI-1040D, line 1, includes this line and any amount reported on U.S. Schedule D, line 1a, column h. Line 4: The amount reported on MI-1040D, line 6, includes this line and any amount reported on U.S. Schedule D, line 8a, column h. Michigan Information For each asset, enter the portion of federal gain and loss subject to Michigan income tax in column E. If more space is needed to list assets, include additional sheets. Section 271. To apportion under Section 271, multiply the gain or loss in column D by the number of months the property was held after September 30, 1967. Divide the result by the total number of months held. Enter the result in column E. For the purpose of this computation, the first month is excluded if acquisition took place after the 15th, and the last month is excluded if disposal took place on or before the 15th. Gains from installment sales made before October 1, 1967, must show federal gain in column D and zero in column E. Gains from installment sales made after October 1, 1967, are subject to Michigan tax but may be apportioned under Section 271. Distributions from pension, stock bonus or profit-sharing trust plans that are considered to be long-term capital gains (under Section 402 of the Internal Revenue Code) and capital gains distributions are not eligible for Section 271 treatment. Sale of Property. Enter the total gain in the federal column. Enter in the Michigan column the gain or loss from the sale or exchange of: • Real property located in Michigan; or • Tangible personal property located in Michigan at the time of the sale or owned by a Michigan resident and not subject to tax in the state where the property is located; or • Intangible personal property sold by a Michigan resident; or Gains and losses from business property reported and apportioned to Michigan on Form MI-1040H or Form MI-461 should not be reported in the Michigan column E. U.S. Obligations. Gains from the sale of some U.S. obligations are not subject to tax and losses are not deductible. Enter a zero in the Michigan column for gains or losses realized from the sale of these non-taxable U.S. obligations. Note: Any interest expense and other expenses incurred in the production of income from U.S. obligations should be offset against dividend and interest income from U.S. obligations on the MI-1040 return. See the instructions for Schedule 1, line 10, in the MI-1040 instruction booklet. Out-of-State Property. Gains from the sale of non business property located in another state are not subject to tax and losses are not deductible. Gains and losses from the sale of business property located in another state are sourced based the location of the business activity. Totals Enter on line 2, the total from line 1 and any additional sheets listing short-term capital gains and losses. Enter on line 4, the total from line 3 and any additional sheets listing long-term capital gains and losses.
2019 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
More about the Michigan Form MI-8949 Individual Income Tax
We last updated the Sales and Other Dispositions of Capital Assets in March 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Michigan Department of Treasury. You can print other Michigan tax forms here.
Other Michigan Individual Income Tax Forms:
|Form Code||Form Name|
|Form MI-1040CR||Homestead Property Tax Credit Claim|
|Schedule W||Withholding Tax Schedule|
|Form MI-1040ES||Estimated Individual Income Tax Voucher|
|Form MI-1040CR-7||Home Heating Credit Claim|
|Form MI-W4||Employee's Michigan Withholding Exemption Certificate|
Michigan usually releases forms for the current tax year between January and April. We last updated Michigan Form MI-8949 from the Department of Treasury in March 2020.
About the Individual Income Tax
The IRS and most states collect a personal income tax, which is paid throughout the year via tax withholding or estimated income tax payments.
Most taxpayers are required to file a yearly income tax return in April to both the Internal Revenue Service and their state's revenue department, which will result in either a tax refund of excess withheld income or a tax payment if the withholding does not cover the taxpayer's entire liability. Every taxpayer's situation is different - please consult a CPA or licensed tax preparer to ensure that you are filing the correct tax forms!
Historical Past-Year Versions of Michigan Form MI-8949
We have a total of eight past-year versions of Form MI-8949 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2019 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
2018 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
2017 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
2016 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
2015 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
2014 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
2013 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
2012 MICHIGAN Sales and Other Dispositions of Capital Assets MI-8949
While we do our best to keep our list of Michigan Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.