topic How do I enter the capital asset acquisition date for my Oklahoma return for property acquired on various dates? in Deductions & credits

How do I enter the capital asset acquisition date for my Oklahoma return for property acquired on various dates?

leftydexter — Fri, 12 Mar 2021 05:57:36 GMT

My investment income pulled in automatically for my federal taxes, but now I am required to list excluded properties for my OK state taxes. Oklahoma requires a date instead of "VARIOUS" for shares acquired on multiple dates, but I don't know what date to enter instead.

Re: How do I enter the capital asset acquisition date for my Oklahoma return for property acquire...

Cynthiad66 — Fri, 12 Mar 2021 18:04:02 GMT

Your brokerage statements should include a summary of your transactions, grouped by sales category, for example, "Box A short-term covered" or "Box D long-term covered." You'll enter the summary info instead of each individual transaction.

Now, in your situation, you will use the earliest date as the date acquired and the latest date as the date of sale for the group. Do this for each category Box A and Long Term Box D.

For more details, please use the link below

Reporting Large Number of Investment Transactions

Re: How do I enter the capital asset acquisition date for my Oklahoma return for property acquire...

leftydexter — Sat, 13 Mar 2021 01:45:34 GMT

Thank you @Cynthiad66 ; that was the information I needed. I had already started manually adjusting information on my 1099-B entries before I saw this post, so I had to delete the old entries (after I compared the new info to the old info). Then I had to delete my state return that I had started in order to have the new info show up and be able to enter the correct dates. I also had to upload a PDF copy of my 1099-B provided by my investment firm.

It would be great if the import situation could be improved for next year's filing (if not before). The process of figuring out what to do (not to mention how to ask the questions in TurboTax) took a very long time. It would be great if this information could be clearer for the folks working their way through their filing, especially if the wait until the last minute.