Cost or Basis: Date Acquired: Holding Period 1099-B:?????

[cunningham]

I have an investment account in which I purchased shares of a fund
over the course of several years. I sold them all at one time.
TurboTax is asking me for the "Cost or Basis", "Date Acquired", and
the "Holding Period".

I sold the stocks in Quicken and I assume it would show me all that
information but I can't seem to find it. I am using Average Cost. I am
on Q2002.

Many thanks in advance to anyone who can point me in the right
direction in Quicken to find/view/calculate this information.

 

[R. C. White]

Hi, John.

The actual correct reporting is lot-by-lot. :>( But that could make for a
VERY long Schedule D if you have held the fund for a while and reinvested
dividends.

You'll get the same right answer if you group the shares by dates into
short-term and long-term groups. Just report a single sale for each group,
with the number of shares, the total selling price and basis for the group,
and a single date acquired that will trigger the right holding period
treatment for the group. (If the IRS objects, let THEM split the shares
into lots, then add up all the gains/losses again to arrive at the same
amounts that you originally reported - with no change in the tax due.)

RC

 

[Jon Reinhardt]

Actually, the date acquired can be the word "various" which is accepted by
TurboTax and the IRS.
Use the Capital Gains and Losses Smart Worksheet which is in Schedule D and
type the word various in the Date Acquired col. In fact as soon as you type
"v" Turbotax will insert the word various. then go to the LS Col on the far
right of the Worksheed and select the letter that corrosponds to the correct
holding period. You will still have to group the transactions by holding
period but this will only require 2 or 3 groupings for each security or
mutual fund sale. When you use this various term the IRS will not question
it unless they audit your return for some other reason. I have reported
mutual fund sales this way for years with no problem.

 

[The Michael]

You'll get the same right answer if you group the shares by dates into
short-term and long-term groups. Just report a single sale for each group,
with the number of shares, the total selling price and basis for the group,
and a single date acquired that will trigger the right holding period
treatment for the group. (If the IRS objects, let THEM split the shares

I use acquired date as "various" in cases like this and force the holding period to
short or long as appropriate. note also that "inherited" can also be used for
aquistion date and is considered long term.