The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/ltlt-gotcha-thanks-i-gather-that-if-i-do-11914182.aspx

Subject:  Re: Cost basis calculation (whadda headache) Date:  2/2/2000  11:23 AM
Author:  nacohn Number:  26763 of 121256

<< Gotcha -- thanks. I gather that if I do this in TurboTax, I should enter it as a ``forced short' assuming the period is less than a year? (Otherwise it'll require a single date.) >>

Try typing a "v" in the purchase date and see what it does. I don't know what a "forced short" is in TT parlance, but it is not what you have. If all else fails, you could try TT help.


"forced short" just means you are forcing turbotax to use short term cap gains.
If you split the sale into 2 parts, the part for holdings less than a year should be short term. So, if TT doesn't correctly enter that for you, then you should force it to be short. However, after you split the transaction, you will only have the problem of needing to force the short cap gains if the purchase date was still "various" for the short term gains portion of the transaction.

Good luck. that stuff is a pain.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us