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Entering detail schedule information in the statement

Detail schedule information entry
Field
Entry
Date Acquired
 and
Date Sold
Enter dates in MM/DD/YY format. If you leave these fields blank, the application assumes short-term status in the F column. Unless you plan to e-file this return, you may also use one of the following:
  • Enter V or 999999 to indicate “Various”. If you enterVarious in the Date Acquired, the application assumes a short-term holding period.
  • Enter I or 999998 to indicate “Inherit”. If you enter Inherit in Date Acquired, the application assumes a long-term holding period.
  • Enter W to indicate “Worthless”
Sales Price
,
Cost
, and
Expense
Enter the sale price and the cost/basis to calculate the gain. Expenses reduce gain on the Sale.
Depr
Enter any depreciation on the capital asset. Amounts you enter in this field reduce the cost of the sale. Depreciation is included in unrelated business income for gains otherwise excluded from unrelated business income.
F
Use this field to change the treatment of an asset based on the dates in the
Date Acquired
 and
Date Sold
 fields.
Sold To
 and
Name
Choose whether it was sold to an individual or business, then enter the name or entity it was sold to.
UBIT
Enter the Unrelated Business Activity code for Form 990-T. You need to make an entry here to generate forms 8949 and 1120/1041D for 990-T filers.
Excl
If section 512, 513, or 514 excludes the income from this operation, enter the exclusion code.
Exempt Purpose
Enter a purpose for the exemption
Invest Prop
Mark this field if the asset being disposed is investment property. This is only available if the client is a Private Foundation.
Basis at Disposition
,
FMV 12/31 1969
, and
Adj Basis 12/31 1969
When you mark
Invest Prop
, the application uses amounts from these fields to complete 990-PF, Part IV.
Replacement Description
 and
Replacement Cost
For Section 501(c)7, (9), or (17) organizations, enter the replacement property information. This information will be used on the Taxable Gain on Sale of Property by a Section 501(c)(7), (9), or (17) Organization worksheet to calculate the taxable gain on the sale of the asset. These fields aren't available if the client is a Private Foundation.
Debt Level
 and
Debt Avg Basis
Use these fields to report gains and losses from the sale of debt-financed property. Enter the highest debt level in the last 12 months in
Debt Level
. The application uses these fields to complete the Sale of Debt Financed Property worksheet to detail amounts reported on Schedule D (1120/1041) and Form 8949.
S-Corp
If you mark
S-Corp
, capital gains won't be limited on Form 990-T, Schedule D (1120/1041), and Form 8949.
8949 Box
This code, in conjunction with the
Date Acquired
,
Date Sold
, and
Force
 fields, determines the page on which the transaction will be reported on Form 8949. Boxes A, B, and C are reported on Form 8949, page 1, as short-term transactions. Boxes D, E, and F are reported on Form 8949, page 2, as long-term transactions. If you leave this field blank, it defaults to Code 3, Box C treatment.
Adj to G/L (Force)
 and
Adj code (Force)
Enter adjustments for Form 8949 (wash sale, for example). Adjustments will not affect forms 990 or 990PF.
Code M
Mark
Code M
 to indicate multiple transactions on a single row on Form 8949.
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