Help! - Q2007 Cap Gains is Incomplete

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.

JM Thanks for pointing that out. Can't say that it makes much sense to me that it's done that way!

Bill

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

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" wrote in news:qMhoh.342119$1i1.57312 @attbi_s72:

i think the idea is that fund distributions flow from the 1099-Div and sked B onto Sked D, whereas sales from 1099-B go right into Sked D. The same thing if you sell a business asset going from form 4797. It doesn't go directly on the sked D. I think the Q category systems are designed to facilitate export to TTax.

scott s. .