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QMac 2017: Convert short term capital gain sale to long term capital gain sale?

Unknown
Unknown Member
edited October 2018 in Investing (Mac)
Is there a way to make a short term bond sale show up as a long term capital gain when running a report and an extract for use in TurboTax?

I have state bonds that I've held for many years and they are being called in December. When the state calls them, they convert them to another bond name and then I see the sale in the new bond's name. This looks like a short term capital gain when a report is run. 

Quicken has been handling these sales transactions like this:
  • Original bond transaction is  "Remove Shares" 
  • New bond transaction is  "Add shares"
  • New bond sale transaction (same day or a week later) is  "Sell shares"
This makes the sale report as a short term capital gain instead of a long term capital gain. 

I could just ignore the new bond transactions and show a share sale from the original bond name. The Quicken transactions wouldn't match my brokerage transactions but the reporting would be correct. 

Any other ideas how to make this work?

Thanks Quicklanders

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    I'd just delete that "Remove Shares" and "Add Shares" transactions ... and convert the Sale to use the name that you'd have all along.

    OR, you could do a name change of the old security to the new securities name and remove the Sale and Add transactions.

    It's based upon the "holding period", and you've only held the "new shares" for a short time.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Lyn Buddenhagen
    Lyn Buddenhagen Member ✭✭
    edited September 2018
    In general, Turbotax should have the same information as your broker will be supplying to the IRS so that they match. This is one situation where the broker 1099 might be wrong. Surely you can go into Turbotax and fix the acquisitions date? Go from EasyStep to Forms and navigate to Schedule D. 
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited September 2018
    From C. D. Bales:


    "New bond transaction is 'Add shares'".



    Don't know about Quicken for the Mac; but in Quicken for Windows, an Add Shares transaction has two dates: the transaction date, and the "Date Acquired".



    If your Add Shares transactions have the "Date Acquired" field, change that to the actual date you acquired the shares.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Lyn Buddenhagen
    Lyn Buddenhagen Member ✭✭
    edited September 2017
    mshiggins said:

    From C. D. Bales:


    "New bond transaction is 'Add shares'".



    Don't know about Quicken for the Mac; but in Quicken for Windows, an Add Shares transaction has two dates: the transaction date, and the "Date Acquired".



    If your Add Shares transactions have the "Date Acquired" field, change that to the actual date you acquired the shares.

    Wow! That might be new in Quicken for Mac! Just checked it out, and the Add Shares does indeed have two dates you can fill in - date added to account and date acquired. : )
  • Unknown
    Unknown Member
    edited September 2017
    mshiggins said:

    From C. D. Bales:


    "New bond transaction is 'Add shares'".



    Don't know about Quicken for the Mac; but in Quicken for Windows, an Add Shares transaction has two dates: the transaction date, and the "Date Acquired".



    If your Add Shares transactions have the "Date Acquired" field, change that to the actual date you acquired the shares.

    @mshiggins, you are the winner! QMac has 'date added to account' and 'date acquired.' Problem solved. Thank you!
This discussion has been closed.