Form Instructions 1040 (Schedule E) Florida Hillsborough 2024-2025

Form Instructions 1040 (Schedule E) Florida Hillsborough: What You Should Know

Table 1A. Add the amounts from Table 3 from Line 17a. 3. Enter the tax on line 23 and the net tax on line 24. 4. If the taxpayer was under 16 when the sale/exchange occurred and is included on line 5 (receipt of credit for special education payments), reduce line 17a by 75 (the same 25 penalties which must be paid for any item that has been used in an attempt to evade the tax). Add the taxable income on line 17a. 5. If the taxpayer purchased the property or services with proceeds from a sales/exchange or a tax-exempt sale on the day of the sale/exchange, enter the amount of taxable gross income from lines 9a and 19a. If the sale occurred after December 31, 1991, and no part of the proceeds of the taxable sale was used to pay for the taxable portion of any capital gain, add the amount on line 5a. 1/8/16 Updated to show that I did not correctly apply a 75 “Net Tax” reduction, for the tax on income reported on Line 23 or Line 24.  Thanks to a correction by an alert reader. 1/8/16 Updated to show that I did not correctly apply a 75 “Net Tax” reduction, for the tax on income reported on Line 23 or Line 23.  Thanks to a correction by an alert reader.  See the comment below. 1/8/16 Added note to state that if the taxpayer made a Form 1099-B when paying the tax on taxable gains for the year, then the taxpayer should reduce the 75 net tax reduction for the tax on line 23 and the net tax on line 24 by 75 (the same 25 penalties which must be paid for any item that has been used in an attempt to evade the tax) as described above. 1/8/16 Updated to mention that the above calculation does not include the “1/8” tax adjustment on line 24 if a 40 credit was also used to pay the tax on the sale or exchange of property or services from line 27. Thanks to a correction by an alert reader. 1/6/16 — Updated the tax information to include the 2025 rate cuts in the tax tables from the Florida Dept.

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