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6.CAPITAL GAIN/(LOSS).

Enter 100% of any capital gain or loss as reported on line 13 of your Federal 1040. Do not subtract any Iowa capital gain deduction on this line; the Iowa capital gain deduction is taken on line 23 of the IA 1040.

A copy of your Federal Schedule D must be attached to this return if required for Federal. Iowa tax law follows the Federal guidelines on the exclusion of gain on the sale of a principal residence.

MARRIED SEPARATE FILERS:

Taxpayers who filed separate Federal returns should report capital gains or losses as reported for Federal tax purposes.

If a joint Federal return was filed, each spouse must report capital gains on the basis of ownership of the property sold or exchanged. The combined net capital gain or loss must be the same as reported on the joint Federal return.

If a joint Federal return was filed and both spouses have capital losses, each spouse may claim up to a $1,500 capital loss plus any unused portion of their spouse's $1,500 loss limitation. If both spouses are reporting capital losses, the sum of both spouses' losses may not exceed $3,000.

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