"rick++" <rick303[at]hotmail.com> wrote:

- quote -

I sold in 2005 all my shares in a Fidelity mutual fund that
I originally purchased in 1992. I used the download feature
in TurboTax and it accurately populated the return with all
the appropriate transaction details (including reinvested
dividends). I spent quite a bit of time checking because I
was skeptical, but there were no glitches.

Robert Leavitt

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A beneficiary of an Estate dies before the Estate assets are
distributed. The beneficiary's spouse declines the
inheritance, and the assets of the estate are eventually
transferred directly to a testamentary trust set up by the
beneficiary's will. The Estate issues a K-1 in the TIN of
the deceased beneficiary's own estate.

How does the beneficiary's estate's tax return report that
the assets were declined and went to the testamentary trust?

Does it issue its own K-1?
Should an explanatory letter accompany the return?
Or both?

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Turbo Tax supports automatic downloading of 1099 info from
about 70 brokers. I have not used this service. I am not
sure if this include "enhanced information" such as the
share basis and share count needed for 1040Ds and not in the
1099.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

In article <11vqsgjd1d4uqef[at]corp.supernews.com> ,
"Jim T." <suenjim4.badaddress[at]comcast.net> wrote:

- quote -

You need a separate line in your Schedule D for each sale, you
can't combine these into a summary. If the sale represents
multiple lots, you can put "various" as the purchase date, and
total up the cost bases of all the lots. But you have to keep
long-term and short-term holdings separate, because they're
taxed at different rates.

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***

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Jim T. <suenjim4.badaddress[at]comcast.net> wrote:

- quote -

The IRS says you have to enter all the details (but you can
use a form similar but not identical to the Schedule D,
providing it has all the information).

Seth

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The IRS recently came out with guidance on this issue. You
can attach the broker statement to paper filings and to Form
8453 on E-filings as long as the summaries include the same
info as required in Schedule D & D-1

http://www.irs.gov/businesses/small/...153349,00.html

Milt Baker CPA

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"Jim T." <suenjim4.badaddress[at]comcast.net> writes:

- quote -

You can't.

You either have to fill out Schedule D or attach a statement
that has all the information Schedule D asks for. In
particular, every sale has to be listed separately.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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"Jim T." <suenjim4.badaddress[at]comcast.net> wrote:

- quote -

You may think that, but IRS instructions clearly require the
details of each sale be entered on Schedule D.

--
Phil Marti
Clarksburg, MD

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How can I enter just the summaries of capital gains from the
broker's reports and avoid all the detail? Using TurboTax,
incidentally. I think that the IRS only reconciles to the
totals that are reported to them.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >