New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

How do I enter a short sale transaction?

Answer

Enter the sale in the Schedule for detail statement dialog in Screen B&D in the Income folder. Use the F (force) column to properly report the sale as either short-term or long-term. Refer to the short sale reporting rules in the Form 8949 instructions. For example, enter code 1, (Short-term) if there was substantially identical property held for one year or less on the date of the short sale. If substantially identical property was held for more than one year on the date of a short sale, and a loss is realized, enter code 2 (Long-term) to report as a long-term capital loss, even if the property used to close the sale was held 1 year or less.

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