71.05 NoteNOTE: The cross-reference to “this paragraph” was changed from “this subdivision” by the legislative reference bureau under s. 13.92 (1) (bm) 2. to reflect the renumbering under s. 13.92 (1) (bm) 2. of s. 71.05 (22) (f) 4.
71.05 NoteNOTE: Par. (f) is shown as renumbered from subd. 4. by the legislative reference bureau under s. 13.92 (1) (bm) 2.
71.05(22)(g)(g) Nonresidents. With respect to nonresident natural persons deriving income from property located, business transacted or personal or professional services performed in this state, including natural persons changing their domicile into or from this state, the Wisconsin standard deduction and itemized deductions are based on federal adjusted gross income, and as provided in par. (f), and are limited by such fraction of that amount as Wisconsin adjusted gross income is of federal adjusted gross income. In this paragraph, for married persons filing separately “adjusted gross income” means the separate adjusted gross income of each spouse, and for married persons filing jointly “adjusted gross income” means the total adjusted gross income of both spouses. 71.05 NoteNOTE: The cross-reference to par. (f) was changed from par. (f) 4. by the legislative reference bureau under s. 13.92 (1) (bm) 2. to reflect the renumbering under s. 13.92 (1) (bm) 2. of s. 71.05 (22) (f) 4.
71.05(22)(h)(h) Part-year residents. If a person and that person’s spouse are not both domiciled in this state during the entire taxable year, the Wisconsin standard deduction or itemized deduction on a joint return is determined by multiplying the Wisconsin standard deduction or itemized deduction, each calculated on the basis of federal adjusted gross income, and as provided in par. (f), by a fraction the numerator of which is their joint Wisconsin adjusted gross income and the denominator of which is their joint federal adjusted gross income. For a married person who is not domiciled in this state for the entire taxable year and who files a separate return, the Wisconsin standard deduction and itemized deduction are determined under par. (g). 71.05 NoteNOTE: The cross-reference to par. (f) was changed from par. (f) 4. by the legislative reference bureau under s. 13.92 (1) (bm) 2. to reflect the renumbering under s. 13.92 (1) (bm) 2. of s. 71.05 (22) (f) 4.
71.05(23)(23) Personal exemptions. In computing Wisconsin taxable income, an individual taxpayer may subtract the following amounts: 71.05(23)(a)(a) For taxable years that begin after December 31, 1999, and before January 1, 2001: 71.05(23)(a)1.1. A personal exemption of $600 if the taxpayer is required to file a return under s. 71.03 (2) (a) 1. or 2. and $600 for the taxpayer’s spouse, except if the spouse is filing separately or as a head of household. 71.05(23)(a)2.2. An exemption of $600 for each individual for whom the taxpayer is entitled to an exemption for the taxable year under section 151 (c) of the Internal Revenue Code. 71.05(23)(a)3.3. An additional exemption of $200 if the taxpayer has reached the age of 65 before the close of the taxable year to which his or her tax return relates and $200 for the taxpayer’s spouse if he or she has reached the age of 65 before the close of the taxable year to which his or her tax return relates, except if the spouse is filing separately or as a head of household. 71.05(23)(b)(b) For taxable years that begin after December 31, 2000: 71.05(23)(b)1.1. A personal exemption of $700 if the taxpayer is required to file a return under s. 71.03 (2) (a) 1. or 2. and $700 for the taxpayer’s spouse, except if the spouse is filing separately or as a head of household. 71.05(23)(b)2.2. An exemption of $700 for each dependent, as defined under section 152 of the Internal Revenue Code, of the taxpayer. 71.05(23)(b)3.3. An additional exemption of $250 if the taxpayer has reached the age of 65 before the close of the taxable year to which his or her tax return relates and $250 for the taxpayer’s spouse if he or she has reached the age of 65 before the close of the taxable year to which his or her tax return relates, except if the spouse is filing separately or as a head of household. 71.05(23)(c)(c) With respect to persons who change their domicile into or from this state during the taxable year and nonresident persons, personal exemptions under pars. (a) and (b) shall be limited to the fraction of the amount so determined that Wisconsin adjusted gross income is of federal adjusted gross income. In this paragraph, for married persons filing separately “adjusted gross income” means the separate adjusted gross income of each spouse and for married persons filing jointly “adjusted gross income” means the total adjusted gross income of both spouses. If a person and that person’s spouse are not both domiciled in this state during the entire taxable year, their personal exemptions on a joint return are determined by multiplying the personal exemption that would be available to each of them if they were both domiciled in this state during the entire taxable year by a fraction the numerator of which is their joint Wisconsin adjusted gross income and the denominator of which is their joint federal adjusted gross income. 71.05(24)(24) Income tax deferral; long-term capital assets. 71.05(24)(a)1.1. “Claimant” means an individual; an individual partner or member of a partnership, limited liability company, or limited liability partnership; or an individual shareholder of a tax-option corporation. 71.05(24)(a)3.3. “Long-term capital gain” means the gain realized from the sale of any capital asset held more than one year that is treated as a long-term gain under the Internal Revenue Code. 71.05(24)(b)(b) For taxable years beginning after December 31, 2010, and before January 1, 2014, a claimant may subtract from federal adjusted gross income any amount, up to $10,000,000, of a long-term capital gain if the claimant does all of the following: 71.05(24)(b)1.1. Deposits the gain into a segregated account in a financial institution. 71.05(24)(b)2.2. Within 180 days after the sale of the asset that generated the gain, invests all of the proceeds in the account described under subd. 1. in a qualified new business venture. 71.05(24)(b)3.3. After making the investment as described under subd. 2., notifies the department, on a form prepared by the department, that the claimant will not declare on the claimant’s income tax return the gain described under subd. 1. because the claimant has reinvested the capital gain as described under subd. 2. The form shall be sent to the department along with the claimant’s income tax return for the year to which the claim relates. 71.05(24)(c)(c) The basis of the investment described in par. (b) 2. shall be calculated by subtracting the gain described in par. (b) 1. from the amount of the investment described in par. (b) 2. 71.05(24)(d)(d) If a claimant defers the payment of income taxes on a capital gain under this subsection, the claimant may not use the gain described under par. (b) 1. to net capital gains and losses, as described under sub. (10) (c). 71.05(25)(25) Capital gains exclusion; qualified Wisconsin business.