Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Mongo2116 who wrote (1646)	12/27/1998
From: Shoe	Read Replies (1) \| Respond to of 5810

Gene, the good news is Quicken 98 will recognize it as a short sale, and will give you a prompt to make sure you intended to record one. The bad news, in part, is that it will not show a short sale properly in capital gain/loss reports. For some odd reason it treats the sale as a purchase for a negative amount. Then if you hold the short position over a year it thinks you have long-term gain or loss. If you trade in and out of the short position it may produce other odd results, unless you create fictitious security names (DELL2, for example) for each cycle, as you had to do in order to track lots in old DOS versions of Quicken. Such matters are discussed on comp.os.ms-windows.apps.financial, where one poster said: "Mr. [M] points out that you can trick quicken into the right behavior, but a huge complexity. I haven't tried his fix, but it would be much simpler if Intuit just fixed the bug." Whether the interface with Turbotax will end up treating short sales properly, you might want to ask Intuit before you buy. Good luck -- Shoe