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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?

 
5 Replies
DavidD66
Employee Tax Expert

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.

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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
Employee Tax Expert

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.

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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.

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