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Subject Author Date
Help! - Q2007 Cap Gains is Incomplete Bill Cohagan 01-06-2007
Posted by Bill Cohagan on January 6, 2007, 10:23 pm
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 I have a Long Term Cap Gain Reinvestment transaction on 12/20/2006 from a
mutual fund. When I run my Capital Gains report for 2006 this transaction
isn't showing up; therefore my Cap Gains amounts are incorrect. What could
cause this?! I've double checked the date on the transaction and it is
correct. I've also verified it's a LTGain Reinvestment transaction.

I'm running Q2007 Premier R 3 on Windows XP SP2.

Regards,
Bill



Posted by JM on January 6, 2007, 10:34 pm
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Bill Cohagan wrote:
> I have a Long Term Cap Gain Reinvestment transaction on 12/20/2006 from a
> mutual fund. When I run my Capital Gains report for 2006 this transaction
> isn't showing up; therefore my Cap Gains amounts are incorrect. What could
> cause this?! I've double checked the date on the transaction and it is
> correct. I've also verified it's a LTGain Reinvestment transaction.
>
> I'm running Q2007 Premier R 3 on Windows XP SP2.
>
> Regards,
> Bill

Cap Gains distributions are included in the Tax Schedule Report - under
header 'Schedule D'.

The Capital Gains Report includes only realized gains/losses from
buy/sell transactions.

With Premier you have a Schedule D Report - this report should include
both realized gains/losses and cap gains distributions.


Posted by Bill Cohagan on January 7, 2007, 5:44 pm
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JM
Thanks for pointing that out. Can't say that it makes much sense to me
that it's done that way!

Bill

>
> Bill Cohagan wrote:
>> I have a Long Term Cap Gain Reinvestment transaction on 12/20/2006 from a
>> mutual fund. When I run my Capital Gains report for 2006 this transaction
>> isn't showing up; therefore my Cap Gains amounts are incorrect. What
>> could
>> cause this?! I've double checked the date on the transaction and it is
>> correct. I've also verified it's a LTGain Reinvestment transaction.
>>
>> I'm running Q2007 Premier R 3 on Windows XP SP2.
>>
>> Regards,
>> Bill
>
> Cap Gains distributions are included in the Tax Schedule Report - under
> header 'Schedule D'.
>
> The Capital Gains Report includes only realized gains/losses from
> buy/sell transactions.
>
> With Premier you have a Schedule D Report - this report should include
> both realized gains/losses and cap gains distributions.
>



Posted by Bill Cohagan on January 7, 2007, 5:52 pm
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JM
Actually it turns out that it doesn't show up in the Schedule D report
either, but it is in the Tax Summary report. This seems very inconsistent to
me and certainly not consistent with what the IRS considers a taxable
Capital Gain!

Bill

>
> Bill Cohagan wrote:
>> I have a Long Term Cap Gain Reinvestment transaction on 12/20/2006 from a
>> mutual fund. When I run my Capital Gains report for 2006 this transaction
>> isn't showing up; therefore my Cap Gains amounts are incorrect. What
>> could
>> cause this?! I've double checked the date on the transaction and it is
>> correct. I've also verified it's a LTGain Reinvestment transaction.
>>
>> I'm running Q2007 Premier R 3 on Windows XP SP2.
>>
>> Regards,
>> Bill
>
> Cap Gains distributions are included in the Tax Schedule Report - under
> header 'Schedule D'.
>
> The Capital Gains Report includes only realized gains/losses from
> buy/sell transactions.
>
> With Premier you have a Schedule D Report - this report should include
> both realized gains/losses and cap gains distributions.
>



Posted by John Pollard on January 7, 2007, 9:12 pm
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Bill Cohagan wrote:
> JM
> Actually it turns out that it doesn't show up in the
> Schedule D report either, but it is in the Tax Summary
> report. This seems very inconsistent to me and certainly
> not consistent with what the IRS considers a taxable
> Capital Gain!

You can actually check this out at the IRS's web site; but
capital gains have a very specific definition, which is
different from the definition of capital gains distributions:
"capital gains" occur when *you* sell an asset *you* own.

Capital gains distributions occur when a mutual fund whose
shares you own, sells one or more securities they own.

What's the difference you ask: when you sell the asset you own,
the holding period is determined by when you purchased the
asset. When a mutual fund you own sells a security they own,
the holding period is determined by when they purchased the
security.

That means that you can buy a mutual fund today, and get a long
term capital gains distribution from them tomorrow.

Capital gains distributions are not the same as capital gains.

--
John Pollard
First initial underscore Last name at mchsi dot com
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