North Las Vegas Nevada Form 941-X 2024-2025

North Las Vegas Nevada Form 941-X: What You Should Know

For the purpose of the state of Nevada: (a) An employee will not include: (i) Any personal income, interest as a sole proprietor, dividends or capital gains, or net loss from a capital sale/stock or option transaction in net profit on his/her balance sheet; (ii) Any income, gross or net, from employment from an agency, trade, business, or profession; (iii) Any interest on any short-term or long-term debt; (iv) Any capital gain on the sale or exchange of a property (including any sale or exchange of real or personal property used in and after the date of conversion to another property except that a sale or exchange of a short-term commercial mortgage loan that is a mortgage on real property may be reported as a capital gain if: (A) the loan was secured by a right to reside in a building or structure used in, or leased by, a business which is a trade or business; (B) the debt was incurred under an installment agreement or from rental income; and (C) when the debt is incurred to refinance that debt at fair market value, as determined under Securities Code Section 31A of Title 12, of the United States Code, or (D) the principal of the debt was guaranteed by the United States, a government instrumentality or an insurance company; (v) Any interest or capital gain on a sale of, or exchange of any right, title, or interest in, any property owned or leased by the taxpayer; (vi) Any interest or capital gain on the sale or exchange of a trade or business that is an option on real or personal property owned or leased by the taxpayer; and (vii) Any interest on an annuity, annuity contract, or retirement plan or account; and (c) A sole proprietor is required to report income from the business and any related transaction(s) with a loss or write-off from income, as detailed in Section 6052 of the Internal Revenue Code, on their Schedule K-1. “Form 941 will be available in the next few months,” state IHS Division of Consumer Services Director of Communications Lisa Miller in an e-mail.

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