How to change a loss from short term to long term

[TahoeJeff]

I can't see how to move an entered loss on my D and 8949 from short term to long term. Not sure why its there based on the dates I used but perhaps I entered the wrong link to get here. Is there any way to change it? I don't see how to delete the 8949 either, it just comes right back, and I can't delete the entries from the D. So what's the trick here, isn't there a code somewhere that can just be changed?

[tagteam]

You might have entered the wrong dates or perhaps chose the wrong selection from the drop down menu in the Stocks, Bonds, etc. section.

Go back through that section and make the appropriate selection.

[TahoeJeff]

Its not from stocks, so didn't come in on 1099. All I have are the D and 8949, neither of which can be edited apparently. Can't delete the 8949, it just comes right back. Can't edit or delete the entry on the D either. I don't see any other place (eg a worksheet) where this can be edited, or even removed. Crazy

[tagteam]

Where did you enter this transaction? In which part of the program?

[TahoeJeff]

Its a failed note writeoff, I started on the D which takes you to the 8949 and that's where it ended up in short term but should be long term. I can see it all there but can't edit anything on the 8949 or the D. This is all on Desktop

[tagteam]

Did you enter it in the section shown in the screenshot below? If not, then where?

[TahoeJeff]

No, its not an investment sale, its a write off of a bad debt.  So its not on the Capital Asset Sales worksheet with other normal brokerage type sales. You start with the 8949 and it flows to the D (capital gains/losses) where you also see the bad debt button to add the explanation. The problem now is they seem stuck and can't be deleted or edited??  This is on another turbotax support article on how you do these entries:

How to report the loss

The actual task of reporting a bad debt is relatively simple. The steps are:

• Complete Form 8949 Sales and Other Dispositions of Capital Assets.
• Enter the amount of the debt on line 1 in part 1 and write the name of the debtor in column (a).
• Enter your basis in column (e)—the amount of money that has not been paid back.
• In column (d), write 0—the amount the borrower did not repay.

The IRS also requires that you attach a bad-debt statement to your tax return, explaining the details of the loan you made.

[tagteam]

See https://turbotax.intuit.com/tax-tips/irs-tax-return/how-to-report-non-business-bad-debt-on-a-tax-ret...

I believe you read the article at the link above but did you note that the bad debt is a short-term loss?

[TahoeJeff]

Right, that's where my last post info came from. That same article. I don't know how or why its noted now as short term, but I can't change it and that's the whole question. Nowhere to fix it, and can't delete the 8949 either, it just shows up again. Can't change it on the D. Maybe have to delete the D tho that has other things on it so I don't think that's right

[tagteam]

It's supposed to be short-term.

[tagteam · Accepted solution]

https://www.irs.gov/taxtopics/tc453

[TahoeJeff]

Oh interesting. I guess that makes sense if you deduct it when its fully failed even with a long term debt