Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
naraharisubba
Level 2

Getting an error "Date acquired is after date sold". I sold put option on 05/14/2020 and closed on 05/28/2020. why turbo tax report this an error?

 
6 Replies
DavidD66
Expert Alumni

Getting an error "Date acquired is after date sold". I sold put option on 05/14/2020 and closed on 05/28/2020. why turbo tax report this an error?

When you sold to open the position, that was the date you acquired the position.  And the date the option expired, or you bought to close the position is the date you disposed of the short position.  So, enter the date you acquired the position as the "purchase" date, and the date you disposed of the position as the date you "sold" the position.  The premium you received for selling the option is your proceeds.  If you bought to close the position, that would be your cost.  If it expired worthless, the cost basis is zero.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
naraharisubba
Level 2

Getting an error "Date acquired is after date sold". I sold put option on 05/14/2020 and closed on 05/28/2020. why turbo tax report this an error?

Thanks for helping on this.

However, my brokerage 1099-B reported like this. How should I enter in turbo tax for the same?

box 1b: 05/28/2020 (Date Acquired)

box 1c: 05/14/2020 (Date Sold or Disposed)

 

 

ThomasM125
Expert Alumni

Getting an error "Date acquired is after date sold". I sold put option on 05/14/2020 and closed on 05/28/2020. why turbo tax report this an error?

The reason for the dates is to determine if you held the investment long term or short term, so just pick dates that are not more than a year apart. In this case you can reverse the dates.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
naraharisubba
Level 2

Getting an error "Date acquired is after date sold". I sold put option on 05/14/2020 and closed on 05/28/2020. why turbo tax report this an error?

Great. Thanks for helping on this. I can follow your suggestion. Why did turbo tax change this? When I filed taxes for the prior year, this was not an issue. Can Turbo tax fix this so that import from brokerages work effectively?

defiantone
Level 1

Getting an error "Date acquired is after date sold". I sold put option on 05/14/2020 and closed on 05/28/2020. why turbo tax report this an error?

I agree. This was not a problem in previous years so I do not understand why this was "fixed". I contacted my brokerage (e-trade) and they said the way they report it is correct and turbotax is incorrect. Now I have to "swap" a couple hundred trade dates. Very frustrated and honestly not sure I will continue with Turbotax after the amount of time I need to spend on this. Maybe I can mail it in but that even assumes Turbotax would populate the forms correctly since it won't let me e-file without fixing the dates.

jsimski
New Member

Getting an error "Date acquired is after date sold". I sold put option on 05/14/2020 and closed on 05/28/2020. why turbo tax report this an error?

Thanks this is what I was doing. It would be helpful if there was a mass edit feature so you could go through all in a table at once vs. x number of clicks per transaction. I pity anyone with 100s of options.

 

EDIT: Being sent to first transaction after fixing one, only to have to click to the last page feels like a waste of time. I have to think some unlucky soul will have to attempt to explain why their return does not match their 1099B from Etrade.

Dynamic AdsDynamic Ads
Privacy Settings
v