Little Rock Arkansas Form Instructions 1040 (Schedule D) 2023-2025

Little Rock Arkansas Form Instructions 1040 (Schedule D): What You Should Know

Arkansas 2025 — Individual Income Tax 10 Apr 2025 — Instructions for Form AR3, Itemized Deduction Schedule. File Form AR3, Itemized Deductions, with the Arkansas Department of Finance and Administration. Homeowners Tax Credit The Homeowners Tax Credit (Section 48) provides a tax credit to offset the property tax deduction for a first-time homestead sale up to 3,000. Tax Computation The tax basis of real property is established at the time of transfer. The initial basis is equal to the sum of the price paid and the gain or loss from any subsequent disposition of the property (including a capital gain). The current tax basis is equal to the sum of the price paid and the current cost of the property, or 5,000 if no cost is determined. In determining the tax basis of a homestead, the amount of property which cannot be divided evenly between the sale of one side of the homestead and its subsequent disposition may not include land held by the owner as an interest in the interest of the landowner.

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