Allstocks.com's Bulletin Board: Easy way for TAX preparation for 2006

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Posted by before_the_crowd on :

Anyone has a easier way of preparing for taxes. Especially if you have like >100 trades a year !

I know thats a lot.
I try not to trade too much. But if I am not working...like having a day off. I end up making 4-6 transactions which really is crazy.

Its almost like I am addicted. i am sure you guys can relate to this

Posted by Baxt06 on :

12/31/06 account balance
-12/31/05 account balance
-deposits for the year
+withdrawals for the year
-/+ unrealized gain/loss on 12/31/06 holdings

= taxable gain. If you have to breakout between long term and short term, this isn't going to cut it...but it's what I do.

Posted by SherriT on :

That is what my understanding was too...I do have a question though...are there limits on the amount you can take as a loss by that formula?

Posted by before_the_crowd on :

Dont you fill this schedule D form.

http://www.irs.gov/pub/irs-pdf/f1040sd.pdf

I thought you have to mention all the trades. EACH trade that you did during last year in that form.

Anybody else uses this form??

Posted by SherriT on :

Schedule D is definately the correct form, but I don't think you have to list each individually. Your brokerage will likely give you a statement and you can simply keep that statement (which will be itemized) as proof in the event the IRS were to request it. Just put your totals for short term gains and losses in the appropriate blank(s).

Posted by Repoman75 on :

Gainskeeper.com ... great site. Cheap, loads all trades for you to figure out gain/loss, and prepares the Sched. D.

Posted by Vinnie on :

Yeah, as far as the balances at the begining and the end of the year, dont do that. You can do that but you have to tell the IRS about it before the begining of the year.

I'm with Repo, gainskeeper is the way to go.

Posted by stocktrader22 on :

I have gaineskeeper through scottrade...but i dont think that one prepares schedule D unfortunately.

Posted by before_the_crowd on :

I know gainskeeper. But for preparing sch D, you gotta pay!

All i want to know is do I have to really write all my trades for the year..one at a time.

Posted by Bob Frey on :

I have always done one at a time. Best I have found is to get a PL statement from the brokers and start typing.

Posted by Rbreb13 on :

Scottrade uses Gainskeeper for free. I just download the statement into TurboTax and it does it all for me. Very nice.

Posted by Repoman75 on :

quote:
Originally posted by before_the_crowd:
I know gainskeeper. But for preparing sch D, you gotta pay!

All i want to know is do I have to really write all my trades for the year..one at a time.

Pay ya cheap *******! It's only like $40 for a membership.

Posted by before_the_crowd on :

Hey I'll find a free way and the put my $40 in FRPT ...how about now repo?

Posted by SherriT on :

quote:
Originally posted by Rbreb13:
Scottrade uses Gainskeeper for free. I just download the statement into TurboTax and it does it all for me. Very nice.

You win for best post...'specially since I have Scotty [Big Grin]

Posted by 4Tune4Me on :

Ameritrade has gainskeeper (free) to calculate and exports to several different programs (excel, tax software)