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January 21, 2024
Question

Putting summary in 8949 for foreign Mutual funds

  • January 21, 2024
  • 1 reply
  • 0 views

Hi ,

I have sold a lot of mutual funds and stocks in last year back in my Indian brokerage account.

For Mutual funds 

1) I was investing in SIP (that is a weekly or bi weekly amount in 4-5 mutual funds) ,so number of transactions are very high.

2) I don t have a statement which gives all those transactions in  a file as after becoming a Non resident in India i have to sell them in non demat mode.

3) based on information available at different sources mostly by annual income statement provided by Indian tax authority  ; i created a summary of  Name of security , can t get date of acquisition (but can get if its short term or long term), Date of sale , units, Cost of acquisition  and P and L.

4) Can i put this summary table (created from point 3) in 8949 rather than all the entries ? and will be attaching or keeping my Indian annual income statement from tax authority there (with no date of Buy ; just long term and short term) as proof will that work ?

5) I am thinking of putting date of buy as 1 year 5 days before sale for long term (randomly) and for short term i remember around when i stopped investing in the MF so last day of investment (which is 3 months before sell date) as date of acquisition  for short term.

6) In India Long term is >1 year and short term is <1 year so same as US.

7)Can i put similar summary table for stock entries too ?

 

1 reply

fanfare
Employee
January 22, 2024

it is the 8949 box category that determines whether it is LT or ST.

if you sold on the same day shares acquired at different times, you can use "various" for Date Acquired.

 

As  I understand it, TurboTax makes it difficult to aggregate some transactions and detail others in the same category.

Maybe it is improved this year.

 

@Abc122 

 

 

Abc122Author
January 22, 2024

Thanks for replying 

For a MF which have same sale date and acquired over the years ; i should put two lines for that in 8949 

One for the long term with date of acquired various and sale date 

other for same mutual fund with DOA various and sale date 

 

Will that work ?

fanfare
Employee
January 22, 2024

yes.

you must determine how many sharew were held for a year or less. Those are the ST shares.

@Abc122