The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Turbo Tax||Date: 12/25/2000 9:57 PM|
|Author: euphoriant||Number: 43374 of 122300|
I know I will have to input my purchase history but do any tax programs calculate my cost and how that relates to the spun off company?
As far as I know neither Quicken, nor Turbo Tax will do as you want. Nor do I know of any program or combination of programs that will do that.
When a company is spun off the original company will send you information on how to handle the spin off. It is your responsibility to keep this information and record it properly when eventually selling the stock.
Yes, there are financial software programs, such as Quicken, that claim to be able to handle this type of transaction and, if you enter the information into Quicken the way Quicken wants you to, it probably can.
Quicken also has the ability to be linked with Turbo Tax and therefore, if you entered the information the way Quicken wanted it entered into Quicken and then you linked the lines properly between Quicken and Turbo tax it should come out on your return properly, but there are not guarantees (or are there?).
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