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Yes, and you need to go to the right section in the program and read the On Demand Tax Guidance.
The program should handle this for you but it is generally capital gain (short or long term depending upon your holding period).
See https://www.irs.gov/publications/p550#en_US_2019_publink100010093
Thank you.
I don't know if my previous reply was sent. According to the IRS publication, losses are allowed if it is a complete liquidation. Do you know if this is your interpretation? Also, I entered the 1099-div and it stated that the transaction will handled later but nothing seems to have been done automatically. I may have to enter it as a Schedule D - 8949 transaction?
Thanks again
Yes, and you need to go to the right section in the program and read the On Demand Tax Guidance.
Thank you.
I don't know if my previous reply was sent. According to the IRS publication, losses are allowed if it is a complete liquidation. Do you know if this is your interpretation? Also, I entered the 1099-div and it stated that the transaction will handled later but nothing seems to have been done automatically. I may have to enter it as a Schedule D - 8949 transaction?
Thanks again
Did you see the earlier post? Yes, you have to enter the transaction in the Investment Income section.
Thank you for your help, I have not used the on demand tax situation before.
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