Are Losses On Mutual Fund Sales Purchased Periodically Long Term Or Short Term Losses?
I sold $12000 in mutual funds in October for about a $5000 loss to pay off debt. I purchased these shares over a long period of time periodically for about 5 years, twice monthly. Turbotax is asking me what the purchase date was and whether this is long term or short term losses. Any input on how I should answer these?
So, you get out your statements and using first in/first out, figure out which shares you sold. If the most recent shares are still more than a year old, it’s all long term.
On schedule D, you can put various for the purchase dates.
As for cost basis, you can use average–most statements will give you the amount. Alternately you can use the FIFO cost.
Comment by Wayne Z — October 16, 2009 @ 9:50 pm
Both.
The shares purchased over a year before the sale would be long term and the ones purchased after would be short term.
Download the purchases in to a spreadsheet and break them down.
I use a Pivot Table for mine.
Comment by jcummink — October 16, 2009 @ 10:05 pm