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Form 8949 Error on Date Sold

jk2
Level 2

Is anyone else having trouble with Form 8949?   I attach a summary for multiple transactions.   It is very straightforward if there are not wash sales and basis is being reported.   However, when that is not the case, I get an error in the "date sold" field, when I leave it blank.   I don't know if it is a season long software problem, or if I am overlooking the solution.  

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14 Replies 14
rivkah
Level 2

It's been a long tax season.

I think you are overlooking the solution -- you have to enter the date sold.   

 

jk2
Level 2

That works if all stock sales that are being summarized are sold on the same date.   But, in most cases they are not.

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rivkah
Level 2

I use the sch D worksheet.  I summarize those sales that are reported along with the cost basis without any adjustments.  For any sales with adjustments or non-reported basis, I use the lines in the body of the form -- similar to prior years.  And yes,  each sale date will be a new line.  

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jk2
Level 2

I have clients that have literally hundreds of sales...hence, I attach the pdf of the statement.   

If I have to enter each sale manually, the purpose of attaching a summary is defeated.

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Just-Lisa-Now-
Level 15
Level 15
Just stick a sale date in there, we shouldnt need to, didnt have to last year, but this year has just been a hotmess.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
jk2
Level 2

I've been overriding when filing.   I'm glad to hear I'm not alone with this problem.   Do you just use a random date, such as year end?

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Just-Lisa-Now-
Level 15
Level 15

Ive been using the sale date of one of the stocks that were sold, Various for the acquired date, then choosing Short or Long in that box.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
jk2
Level 2

Thanks.   I thought for sure by this time in the tax season, they would have this mess cleaned up.

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Just-Lisa-Now-
Level 15
Level 15
Im hoping its fixed for 2021!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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jeffmcpa2010
Level 8

I just enter 12-31-20.

All were sold by then, and the IRS has or gets the detail anyway when I attach a pdf of the Broker Stmt.

(I know I may not have to in all cases, it's just easier for me to attach all of those I use summaries for.)

jk2
Level 2

I guess that could work...however, it could make some short term gains appear long term.

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jeffmcpa2010
Level 8

Not if you use the correct code that tells the 8949 which category to include it in.

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jk2
Level 2

I meant it could appear to be in the wrong place if there was a date purchased listed.   I guess that instance is few and far between when attaching a summary, since Various is most often used for the date acquired.   Thank you:)

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BobKamman
Level 15

As the Keeper of the Register of Stupid Rules, we have listed this requirement for a sales date in the category of Inexplicable Limitations.  (See also, Intuit's requirement that only returns e-filed with the program can be amended electronically with the program.)  In this case, though, it's not the fault of Intuit -- it's IRS that causes the problem.