Hey Guys, Does anyone know if there is a broker who will issue schedule D's automatically? Tax season is a real PITA for us active traders
Actually, the results calculated by IB is not accurate which doesn't take wash sale calculation into account, if you buy and sell stocks several times, the wash sale occurred, and the disallowed wash sale will add to the cost basis when u repurchase the same stock. I think a lot of software such as TradeMax, Quicken, etc now support generating schedule D for tax purpose, and I have tried TradeMax, I think it will meet your needs. It has a free trail : http://www.itrademax.com/download.htm
If you sold stocks at a loss and then repurchased same stocks within 30 days, the wash sale occurred.
***WARNING*** DO NOT take tax advice from anybody on this site, unless they post the name of their CPA firm! Even some CPA advice on this site is incorrect! Take all TAX advice with a grain of salt, trust me, a few assholes have posted bad tax advice resulting in audits. I am not referring to anybody on this particular thread. el surdo