User's Manual - Drake Software

Sales of Assets
Drake Software User’s Manual
Table 5-1: Screens for Entering Gains and Losses
Screen
Screen or Form Name
4797 Form 4797, Sales of Business Property
6252 Form 6252, Installment Sale Income
6781 Form 6781, Gains and Losses From Section 1256 Contracts and Straddles
8824 Form 8824, Like-Kind Exchanges
HOME
99C
Worksheet for Sale of Residence (not an IRS form)
Form 1099-C, Cancellation of Debt
Capital Asset Reporting
Screen codes
8949, D2
When forms require identical data (such as when amounts from the 4684 and 6252
screens must be carried to Form 4797), Drake prints the data on the appropriate forms.
Capital gains and losses from stocks, bonds, mutual funds, and other investments are
to be listed on the Form 8949, Sales and Other Dispositions of Capital Assets, and
summarized on Schedule D. Information for these forms is entered on screens 8949
and D2. These screens are available under the Income tab of the Data Entry Menu.
NOTE
Form 1099-B, Proceeds From Broker and Barter Exchange Transactions,
reports individual transaction information and contains cost basis
fields for brokers who are required to supply such information. Enter
1099-B data on screen 8949.
Form 8949,
Schedule D,
Form 1099-B
Screen 8949 has fields for Form 8949, Schedule D, and Form 1099-B data. Following
are some guidelines for data entry on this screen, first for 1099-B information, and
then for 8949–specific information.
• Date of Sale or Exchange — If a single date does not apply, type Bankrupt,
Worthlss, or Expired, as applicable. Select S or L from the Type of gain
or loss drop list to have it treated as short-term or long-term. (If Expired is
entered, the return must be paper-filed.)
• Date of Acquisition — Enter the date acquired as an eight-digit number using
MMDDYYYY format. This date is used to determine whether the sale is shortterm
or long-term. Enter VARIOUS, INHERIT, or INH2010, as applicable. (Only
“Various,” “Inherit,” and “Inh2010” are acceptable for e-filing.) Select S or L
from the Type of gain or loss drop list to have it treated as short-term or longterm.
• Type of gain or loss — Select from the drop list to describe the gain or loss as
long term or short term.
• Stock or other symbol — Enter the stock or other symbol for the security sold.
• Quantity sold — Enter the quantity of securities sold.
• Proceeds from sale... — Enter the sale amount. If only the gain amount is available,
enter the gain amount and leave the Cost or other basis field blank.
112 Tax Year 2012