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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Knighty Tin who wrote (251221)7/21/2003 11:37:48 AM
From: Tommaso  Read Replies (2) of 436258
 
I have just been setting up my transactions using Quicken for the first time. The program classified my gains on short positions as short term and my losses as long term, no matter what the holding period. I finally tracked down an explanation on the Quicken web site. Isn't it nice that the program deliberately overpays my taxes to keep me out of trouble?

"Due to the complex tax rules governing short sales, all short sales that result in capital gains are categorized as Short Term, and all short sales that result in losses are categorized as Long Term. This general rule is used because there is not enough information to assign a more accurate holding period. Overall, it is a conservative approach to reporting your short sale losses; errors will over-report your tax liability rather than under-report it. Your short sale losses, however, may be reportable as short term. You should consult your tax advisor to best determine which holding period is correct for your short sales."
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