How to remove the net assets income from Part I, lines 6a and 6b in form 990-PF?
316 views | Last modified 12/26/2023 6:29:51 AM EST |

Capital gains and losses for the tax on investment income should be mentioned in Part IV. To add this, click Add Investment button in Part IV, enter the property details, and click Add to include this property information.

Form-Based Filing:

This information will now be listed, and follow the same procedure to add other property details. As per IRS instructions, it is necessary to show the Capital Gains and Losses for Tax on Investment Income mentioned in Part IV should be reflected in Part 1 Net gain or (loss) from sale of assets (Line 6a, 6b), and Net Investment total(Line 27a, 27b). 

We have therefore copied values from Part IV Capital gain net income or (net capital loss) (Lines 2 and 3) to Net gain or (loss) from sale of assets (Part I Line 6a) and from Gross sales price (Part IV Lines 1a–1e Column E) to Gross sales price for all assets (Part I Line 6b).

If any exclusions apply and to remove this gain/loss value from Part I, then click the  icon in Line 6a, and in the List tab, select the checkbox to remove the Part IV value in Part 1 Lines 6a and 6b.

If this checkbox is selected, then the values in the Net Investment total(Line 27) will also be impacted. If you have any exclusive conditions or exemptions to be considered, then uncheck them. Else, the amount should be reflected in Part 1.

Interview-Based Filing:

If you have chosen Interview-Based filing, then enter the capital gain/losses for tax on investment income in the below section.

If any exclusions apply and remove this gain/loss value in the Revenue section, then uncheck the below checkbox and continue filing in the Sale of Assets section.