TurboTax Changes Sales Category from Long Term to Short Term

Forum|Forum|4 years ago
February 28, 2022
3 replies
20 views

TurboTax Deluxe changed the sales category from Long Term (Box E) to Short Term (Box B) of a 1099-B transaction of an Inherited (= Date Aquired) asset. Why? TurboTax help states that all sales of inherited assets should be treated as Long Term.

CarissaM

Level 15

Please follow the instructions here to manually update your software.

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jjonAuthor

Level 2

I completed the manual update (now running version [phone number removed]) and restated TurboTax Deluxe. However, there is no change to the issue. Specially two of my1099-B transactions entered with a Date Acquired of "Inherited" and a Sales Code of Box D and another of Box E gets transformed by TurboTax as a Sales Code of Box A and Box D respectively. Forms 8949 (Copy 1 and Copy 2) also show these transactions as Short Term. Changing the Date Acquired value to an actual date (resulting in either a long or short term transaction) as a test did not change the TurboTax result (both transactions were still considered short term). Please let me know if there is a way to correct this. Thanks.

jjonAuthor

Level 2

I tried deleting the two 1099-B transactions in question, restarting TurboTax and re-entering them as before. The 2 "Inherited" acquired transactions that TurboTax had considered Short Term are now correctly showing as Long Term on both the 1099-B and 8949 forms. I don't understand why this worked but seems like the issue is resolved.