The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Closed End Funds||Date: 9/25/2005 12:09 AM|
|Author: Wradical||Number: 80839 of 121169|
I said before: I don't know why Turbo Tax would care, or want to group them separately.
DelatOne81: There's different rules for cost basis. Mutual funds are average cost basis (FIFO in holding period), while stocks are FIFO completely. So TurboTax does need to know that.
You're right, as to the different rules. It's been a few years since I used Turbo Tax. Don't you still have to enter the dates, sales and cost basis for each transaction? In othe words, don't you still have to calculate the basis for each transaction?
If so, I still can't figure why they care if it's a regular stock or a mutual fund. You can still be using FIFO, or Specific ID, or single-category or double-category average cost with a mutual fund. And you don't have to enter on the return which method is used.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|