Here's my situation. I sold some toys/other items gifted to me in the past when I was younger. Likely around Christmas or my birthday I don't remember when. They never gave me a receipt and I do not know the exact date. I do know that I had these items longer than one year. What should I put as the date if I don't know and can't prove when I received each item? Also if I don't know how much they paid for it when they gifted it to me how am I supposed to figure out if it is a capital gain or loss?
You must be as accurate as possible, but it is more important to report the gift. The dates are used specifically to determine long vs. short term transactions, so an estimate will suffice.
"Various" is accepted by IRS because you are certifying with your signature that your cost basis for the shares sold is correct.
Anything held more than a year is Long Term and goes on Form 8949 Page 2.
The IRS explains the basis of property received as a gift here.
When entering the item, click on Something other than a date for options to enter under Date acquired.
The instructions in TurboTax Online state:
If you don't have a single date listed in Box 1b of your 1099-B, you can select Something other than a date. After you select this, you can choose from two options: Blank or Various (or more than one date).
Online shopping shopping websites or website searches may give you an idea of the value of the items.
Do you have photographs or correspondence from the donor that would indicate the date of the gift?
Neither date is really important as long as Date Sold is in 2022 and after Date Acquired.
It is the box category you check on form 8949 that determines the holding period that applies.
you can enter keyword various for date acquired.
Unfortunately I do not have any documentation for items that were gifted to me in person. I know whether I've had it for a year or more but I would not know any specific time other than the month and year it might have been given to me? Is it ok if I just use an estimate if I don't know?
You must be as accurate as possible, but it is more important to report the gift. The dates are used specifically to determine long vs. short term transactions, so an estimate will suffice.
"Various" is accepted by IRS because you are certifying with your signature that your cost basis for the shares sold is correct.
Anything held more than a year is Long Term and goes on Form 8949 Page 2.