Capital Gains Entry

[Don in Upstate NY]

Maybe I just can't find the instructions, but how do you enter "VARIOUS" or "INHERITED" as the purchase date for a capital gains transaction?

[TRX 1]

Maybe I just can't find the instructions, but how do you enter "VARIOUS" or "INHERITED" as the purchase date for a capital gains transaction?

Don,

Have you tried just typing a V for various and a I for Inherited? That is how I set it up. Let me know.

Doug

[Don in Upstate NY]

Nope. The field apparently will accept only actual dates. Some field checking - month limited to 1 thru 12, day limited from 1 thru 31 - but no literals allowed. Will check again after (Friday?) update.

[Guest Taxed]

While on that subject, how do you correctly enter wash sale transactions in the new software?

[Guest Taxed]

Don,

Have you tried just typing a V for various and a I for Inherited? That is how I set it up. Let me know.

Doug

Form 8949 does not allow V for Various or I for inherited on version 4.0.0.05 that we have. Trx1 does the update fix this problem otherise 8949 is unusable in its current format.

[TRX 1]

Form 8949 does not allow V for Various or I for inherited on version 4.0.0.05 that we have. Trx1 does the update fix this problem otherise 8949 is unusable in its current format.

Yes it will fix it. Right now the field is only numeric but in the update it will be corrected. Doug

[Don in Upstate NY]

Rev 7 allows Various and Inherited. Thank you.

[TRX 1]

Rev 7 allows Various and Inherited. Thank you.

Don again you are welcome and I am sure everyone else here appreciates it too. That is one of the updates that you cannot see I was talking about.

Doug

[TaxMan74]

Doug,

Do you have an option of importing all the stock transaction from excell in 8949 form?. I have few clients who do quite a lot of stock trading (500+) , and I hate to enter manually.

Thanks

[TRX 1]

Doug,

Do you have an option of importing all the stock transaction from excell in 8949 form?. I have few clients who do quite a lot of stock trading (500+) , and I hate to enter manually.

Thanks

Yes we are working on getting that now and should have it out in a couple weeks.

Doug

[Guest Taxed]

TRX1 if you can get that done by end of Feb or early March would be great. I have a couple of day traders and it is a real pain to manually enter. They use Gainskeeper software so they can supply me with a spreadsheet if i ask. Also does your software allow the attachment of a PDF file and still do MeF? I am thinking of 1099B statements where there are lots of transactions and it is nicely summarised (Raymond James as an example) but they don't give out spreadsheets.

[Crank]

Raymond James needs to give out spreadsheets. They are a pain for me. Have never attached a .pdf for fear of problems. I cant understand why in this day and age with all these companies having hugh IT departments that they cant do this. We have had spreadsheets for over 30 years and they cant get thier software to convert.

[Guest Taxed]

Raymond James is old school broker so I doubt they would change. I am seeing more 1099B from Ameritrade and Scottrade in the last couple of years and they let the account holder extract transaction data into a spreadsheet. Come in handy if the account holder knows how to get it. I sometimes have the account holder do it in front of me on my spare computer while at the appointment just to make sure we get all the data correctly.

What really would be nice and I don't know why someone did not figure out is for all tranasctions where the basis is known and transmitted to IRS by the broker (almost 99% of short term transactions are) , they should just accept the summary total. They should just focus on sells where the basis is not known to the broker! Just my 2 cents.

[Crank]

"They should just focus on sells where the basis is not known to the broker! Just my 2 cents."

Good point.