Kea Posted February 14, 2011 Report Share Posted February 14, 2011 Client sold parents' house that she inherited. I entered "Inherit" in the date acquired field. (Actually, I just typed "I" and it auto filled the rest.) It knew to treat as long term capital loss. However, now that I have completed the return and printing it to send to the client, the Review is giving me a Red Error that the acquired date is not valid for e-file. It says I have to enter a specific date or "various." Has anyone else run into this yet? Is there a work-around? I guess I'll have to call tech support tomorrow. Because it is giving this as an e-file error, it is not generating the 8879. So I can't get the client to sign, even though everything on the return is fine. I guess I can change it to various just to generate the 8879. Thanks Quote Link to comment Share on other sites More sharing options...
GeorgeM Posted February 14, 2011 Report Share Posted February 14, 2011 Con't you just enter a date? Why inherit? Quote Link to comment Share on other sites More sharing options...
Kea Posted February 14, 2011 Author Report Share Posted February 14, 2011 I thought inherited property always showed "Inherited" as acquired date. That way it is automatically Long Term (which this is, anyway). It also lets the IRS know that's how the property was acquired. But, I guess it wouldn't hurt to not show "inherited." I've never had a problem e-filing "Inherited" before. I also noticed I can't seem to edit this field. It won't let me delete "Inherit." So I guess I just have to re-enter the asset & delete the original. Not a biggie -- it's just one. (And, in this case, the date would be "various." She inherited 1/2 when Dad passed & 1/2 when Mom passed.) Thanks Edit: I could type a "V" over "Inherit" and it changed it. It was just the backspace that didn't work. Quote Link to comment Share on other sites More sharing options...
Kea Posted February 14, 2011 Author Report Share Posted February 14, 2011 I talked to Tech Support and the software just won't let you e-file with "Inherit." If almost everything is e-filed and the software knows "Inherited" is a valid acquired date, I just don't understand why it's giving an e-file error. I have never had a problem e-filing a return with "Inherited" before. I'll keep this change to "various" because it doesn't change any data. Humm, any chance someone can get this "fixed" before I file my own return? I, too, sold an inherited house, and some inherited stock. Quote Link to comment Share on other sites More sharing options...
DonnaA Posted February 14, 2011 Report Share Posted February 14, 2011 I have completed a 1040 and 1041 with "Inherit" as the acquired date. Both generated a Form 8879, and I successfully created e-files. They are in "Send Clients", but I have not yet sent them to the IRS. Quote Link to comment Share on other sites More sharing options...
Kea Posted February 14, 2011 Author Report Share Posted February 14, 2011 DonnaA That's good to know. I wonder what was different. The error message I am getting specifically says it will e-file with a specific date or "various." Which version of the program are you using? I'm using TRX Pro. Thanks Quote Link to comment Share on other sites More sharing options...
DonnaA Posted February 14, 2011 Report Share Posted February 14, 2011 I am using TRX Pro 1040 Version 2010.8.10, getting ready to install Version 8.11. Quote Link to comment Share on other sites More sharing options...
Kea Posted February 14, 2011 Author Report Share Posted February 14, 2011 I updated to 8.11 before submitting & got the same message. Odd. Quote Link to comment Share on other sites More sharing options...
ed_accountant Posted February 15, 2011 Report Share Posted February 15, 2011 Change date from inherit to the actual date of death. Quote Link to comment Share on other sites More sharing options...
Kea Posted February 15, 2011 Author Report Share Posted February 15, 2011 Yes, that works, but isn't really accurate. I did e-file it today. It's still at IRS. Quote Link to comment Share on other sites More sharing options...
ed_accountant Posted February 15, 2011 Report Share Posted February 15, 2011 Well computers expect a date in a date field. When you override the date field with characters, you get an error. Quote Link to comment Share on other sites More sharing options...
Don in Upstate NY Posted February 24, 2011 Report Share Posted February 24, 2011 Well computers expect a date in a date field. When you override the date field with characters, you get an error. Not true in this case. Pub 1346 (2009 edition, Part 2, page 89) defines this field as character with the following allowed formats and literals +0890 LT Date Acquired 1 8(b)1 8 YYYYMMDD, or "INHERIT", or "VARIOUS" So unless they changed the definition for 2010, it's a bug. Quote Link to comment Share on other sites More sharing options...
DonnaA Posted February 24, 2011 Report Share Posted February 24, 2011 I have completed a 1040 and 1041 with "Inherit" as the acquired date. Both generated a Form 8879, and I successfully created e-files. They are in "Send Clients", but I have not yet sent them to the IRS. I have sent these returns to the IRS and they have been accepted. Quote Link to comment Share on other sites More sharing options...
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