JamesKim
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| Short-Term Capital Gains |
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The title of this thread says it all.
Question:
I have 7 buy transactions of XYZ company (stock) which was purchased on 7 different dates. Then sold it in the near future, held it for 3 months. On Schedule D they have 6 columns.
A. Descriptions of property (XYZ)
B. Date Acquired
C. Date Sold
D. Sales Price
E. Cost Basis
F. Gain or (loss)
Here's the layout:
XYZ purchased:
9/24/2009
9/30/2009
10/5/2009
10/16/2009
10/27/2009
10/30/2009
XYZ sold:
12/4/2009
How do I enter this into Schedule D?
Thanks
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Sun Feb 21, 2010 3:43 am |
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oldguy
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List all 7 transactions separately, but with all with the 12/4 sell date.
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Sun Feb 21, 2010 6:26 am |
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JamesKim
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If I did that, my share count won't match with my buy transactions. For instance, I bought 90 shares of XYZ on 9/24/09, but sold 600 shares of XYZ on 12/04/09. If I were to enter the sell date for all buy transaction I did, my profit would be wrong...
So here's my buy transaction list:
Buy:
9/24/09: 90 shares
9/30/09: 100 Shares
10/05/09: 110 shares
10/16/09: 100 Shares
10/27/09: 10 shares
10/30/09: 90 shares
11/27/09: 100 Shares
Sell:
12/04/09: 600 Shares
I'm confused due to the fact that if I were to put 7 separate buy transaction, all with the sell date as of 12/04/09 then I'm comparing different share amounts. My first row would be, 90 shares of XYZ, sold XYZ on 12/04/09. So how can I compare 90 shares bought with respect to 600 shares sold?
Thanks
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Sun Feb 21, 2010 8:31 pm |
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oldguy
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quote:
So how can I compare 90 shares bought with respect to 600 shares sold?
Your sell list will look like this:
Sell:
12/04/09: 90 shares
12/04/09: 100 Shares
12/04/09: 110 shares
12/04/09: 100 Shares
12/04/09: 10 shares
12/04/09: 90 shares
12/04/09: 100 Shares
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Sun Feb 21, 2010 10:04 pm |
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JamesKim
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Cash: $ 44.00
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Joined: 26 Sep 2007
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Thank you
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Mon Feb 22, 2010 11:26 am |
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coaster
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You can make it simpler by using "average cost basis" -- google that and also look it up on the IRS web site. The "buy" date is listed as "various" which is an accepted IRS term -- in TurboTax it pops up as soon as you start typing "v...a..." in the date field.
Bye Bye Bums
Why Whimsy? (why not?)
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Mon Feb 22, 2010 5:29 pm |
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JamesKim
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Cash: $ 44.00
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Joined: 26 Sep 2007
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I was about to apply the average method, but decided to do it the long way. I do appreciate the advice. This is actually my first time doing my own tax return so there's a lot to learn and scrutinize.
Thanks.
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Tue Feb 23, 2010 12:12 am |
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