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Topic: Easy way for TAX preparation for 2006

before_the_crowd
Member

posted

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

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This is not a recommendation to buy or sell securities.

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Baxt06
Member

Rate Member

posted

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.

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SherriT
Member

Member Rated:

posted

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?

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Study before you buy, Sell before you think about it....

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before_the_crowd
Member

posted

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??

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SherriT
Member

Member Rated:

posted

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).

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Study before you buy, Sell before you think about it....

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Repoman75
Member

Rate Member

posted

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

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Stick with Repo's plan in '07 - FRPT/DKAM!

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Vinnie
Member

Rate Member

posted

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.

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stocktrader22
Member

posted

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

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Disclaimer: Not accountable for anything I say

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before_the_crowd
Member

posted

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.

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Bob Frey
Member

Member Rated:

posted

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

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Rbreb13
Member

Member Rated:

posted

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

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Repoman75
Member

Rate Member

posted

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.

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Stick with Repo's plan in '07 - FRPT/DKAM!

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before_the_crowd
Member

posted

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

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This is not a recommendation to buy or sell securities.

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SherriT
Member

Member Rated:

posted

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]

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Study before you buy, Sell before you think about it....

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4Tune4Me
Member

Member Rated:

posted

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

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Just the facts, ma'am.

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