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Investors & landlords
@chiguy2016 When you sell you tell the brokerage what lots to use. That's how they categorize it as short or long term. With PTPs, given the unified basis requirements, you need to tell the brokerage to sell proportionately from all lots: that way your 1099 and your sales schedule will match up.
Given that you didn't do that this time, you'll have to use code T as mentioned in the previous reply to change your 1099 and report the short/long split.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
‎April 27, 2023
4:59 AM
971 Views