Printable Form 4684 Wisconsin 2024-2025

Printable Form 4684 Wisconsin: What You Should Know

Fill out a Form 1. The taxpayer is called the owner. The owner must pay any federal income tax on the net capital gain or federal short-term capital loss from the sale of your principal residence before you can take the carryover capital gains deduction. Wisconsin's owners may not be subject to federal income tax until they sell their primary residence. The only time owners can take that deduction is during the early phase-out phase-in period. For information about your phase-in, see Form 8949 at page 4. The carryover from a sale to a subsequent purchaser is limited to 40% of the gain or loss, whichever is greater. You can't claim this deduction for a capital gain if: Wisconsin is a Tier 1 state. A capital gain deduction is generally not allowable if the basis in the new residence was less than the purchase price. The taxpayer must notify the Wisconsin Department of Revenue by February 21, 2021, to receive the carryover of the gain. The Wisconsin Department of Revenue sends you to this website to request the carryover. Example: An owner of a residential property in Wisconsin who owned it as a principal residence from June 30, 2016, to December 31, 2016, will have to sell the residential property at a capital gain minimum of 600,000 (900,000 gain and 3,200 loss). To meet the 600,000 minimum limits, the property must sell in the first 3 taxable years after December 31, 2016. The owner must report the gain and 600,000 in capital gains as a federal income tax deduction in all years that the property is held for sale by another person. Example: In Example 1a, the taxpayer owns an apartment unit on Milwaukee's Capitol Drive for 1,550 per month for 7 years in 2016. During 2025 the apartment was not sold or rented to a Wisconsin resident. If the taxpayer sold the apartment, the gain of 1,550 would be subject to the 600,000 base capital gain thresholds. If the owner rented the apartment, that rental income is taxable in Wisconsin. Therefore, the rent paid by the owner will not be subject to state income tax.

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