On the schedule k1 how do i enter both short term and long term capital gains when buy date is various over two years and sale date is various or current year

[bretrower]

Broker shows various dates both on long term page and on short term page for same limited partnership. K-1 form only allows one entry date for buy and sell dates

[Rick19744 · Accepted solution]

If the statement just indicates various for either a buy or sell or both, just use a date that will generate LT or ST so it will agree with the 1099-B.  

[bretrower]

1099B shows both LT and ST for same LP. K-1 can only show ST or LT not both. I flip a coin.

[Rick19744]

I don't understand your response.  Please clarify.

[bretrower]

if you put various as buy date on a LP it is treated as a ST sale on K-1. 1099B will list both LT and ST transactions by date then as various as total if LP was bought over many years ...total in ST (1099B), total in LT (1099B)..with buy date listed as various. On K-1 can only  be one entry cost/date, one proceeds/date .

[Rick19744]

Still not understanding what software program you are attempting to use.
Are you completing your personal return or completing the partnership return?
If you are inputting information from a K-1, the ST or LT decision has already been determined and you just input the figure as reflected on the K-1.
If you are inputting for your personal return, than as stated above, just use a date that makes it either ST or LT so the end result is correct.

[JBRollo]

This is a software problem that needs to be fixed immediately. The IRS accepts "various" purchase dated for stocks. I was prevented from filing electronically because of this. I paid for this feature and the software prevented it. Never happened before. The fix is complex when you have 40 or 50 sales and the correction software doesn't even work.