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Capital Gains

Designate a sale as long-term or short-term

You can use force fields to control how a sale is reported. Sales of capital assets entered in the
B&D
 screen's
Schedule for detail
 statement window creates a force column for you to use. Enter
1
 for short-term treatment,
2
 for long-term treatment, or
3
 for 28 percent rate treatment. You can use F4 to view the options available.
The
Sale
 and
InstPY
 screens include a treatment field. The options available on these screens include:
  • 1 - Form 4797, Part I, Long-term
  • 2 - Form 4797, Part II
  • 3 - Form 4797, Part III, Long-term
  • S - Schedule D, Short-term installment sale
  • L - Schedule D, Long-term installment sale
  • M - Schedule D, 28% rate installment sale
  • X - Schedule D, 1202, 50% excludable
  • Z - Schedule D, 1202, 60% excludable

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