karennma
8,057 posts
msg #85058
- Ignore karennma |
12/28/2009 4:24:47 PM
Do you guys do your own taxes?
Do you report every single trade?
Can't you just do a gains/loss report for the IRS without posting every single trade you've done?
????
Any software recommendations?
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straken
469 posts
msg #85090
- Ignore straken |
12/28/2009 10:28:39 PM
Do you guys do your own taxes? Y
Do you report every single trade? Y
Can't you just do a gains/loss report for the IRS without posting every single trade you've done?
???? Kinda
Any software recommendations? E-file will work
Easiest way if you dont want to buy any software for tracking your G/L from trades is to summarize your G/L on your schedule D, but the detailed Excel attachment needs to be mailed to the IRS with Form 8453. You should be able to download the broker confirmed .CVS file which is similar to an excel spreadsheet. Many brokers give you the option of different formats.
If you want to really want to slick back your shorthair file a Form 8879 and note detail retained by preparer on Schedule D with appropriate info splitting LT and ST G/L
Do note: This is based upon current IRS tax laws which are subject to change overnight depending on how much money democrates are trying to steal and whether the need to change a law to get away with it. (as of last year they did not mind a detailed attachment with Form 8453) but you may want to check the IRS(dot)gov to see what this years acceptable formats are. Excel and PDF with your brokers header should be good.
Of course I am assuming you do not have "trader" status from the IRS. If you trade for a living you might want to check into it.
HTH
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karennma
8,057 posts
msg #85091
- Ignore karennma |
12/28/2009 10:48:57 PM
Yes, this is helpful.
Thanks.
:>)
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drew9
171 posts
msg #85132
- Ignore drew9 |
12/29/2009 11:26:20 AM
Karen, I switched a few years ago to Interactive Brokers. To my surprise at tax time, just went in and downloaded my Schedule D. It was all prepared with the gains and losses along with all my trades broken out for stocks and futures. That alone made it worth the switch as it saved my countless hours and huge savings from my tax preparer.
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karennma
8,057 posts
msg #85163
- Ignore karennma |
12/29/2009 2:07:57 PM
drew9:
Wow!!!
Now, THAT'S VERY HELPFUL!
THANKS!!
:>)
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