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Investment was in a Limited Maturity Bond Fund (Mutual Fund) for less than one year. 1099-B shows a gain which is reported by Turbo Tax on Schedule D, Line 7. But then Turbo Tax shows a long term gain on Lines 13 and 15 and adds Lines 7 and 15 and reports that amount on Line 16. No where on the 1099-B form does it indicate a long term gain and this investment was less than one year. Any idea of how Turbo Tax would come up with a long term gain on a short term investment?
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Line 13 on Schedule D is not for long-term capital gains but for capital gains distributions. These are usually referred to as qualified dividends on a 1099-DIV and are taxed at the same rate as long-term capital gains. The gain or loss from the sale should be reported, as you say, as a short-term capital gain or loss.
Thank you. Yes, it appears they added together the capital gains distribution from other investments which total the amount reported on Schedule D, Line 13 and 15.
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