How to file taxes without showing your strategy to you tax accountant ?

Discussion in 'Taxes and Accounting' started by etrades, Sep 23, 2019.

  1. etrades

    etrades

    Hi guys,

    I started trading a few months ago and made some money. Per the answer to another thread I started, the taxes are to be filed on a quarterly basis. I would like to take help of tax accountant to do this.

    How to file taxes without showing your strategy to you tax accountant ? It is not like a great strategy or anything but still would prefer to keep to basic information required for tax purposes. I use IB for trading and looked at the activity detail and they provide extensive info. I am not sure what documents to be used to file taxes for money from trade.

    Is there a way to do this ? How do you guys do it ?
     
  2. Just show your net gains and losses...why do you have to show strategies. IRS nor a tax accountant could give a @#$% about your strategies, they just want a net short term gain or loss and what type of security.
     
    trader99, MKTrader and etrades like this.
  3. Bum

    Bum

    1-Quarterly tax payments are just a "guestimate" of income so no need to use an accountant for this. Just get "close" to the amount you owe & make a payment. I use the online tax payment system.

    2-IB does a good job of doing a lot of the work for you at the end of the year. They'll have all your trades for the year totaled up so no need to look at individual trades. Your accountant just needs the "summary" pages from the broker. IB will tell you exactly where to record the totals in the proper forms.
     
    jys78 and etrades like this.
  4. zdreg

    zdreg

    ]Hi guys,

    I started trading a few months ago and made some money. Per the answer to another thread I started, the taxes are to be filed on a quarterly basis. I would like to take help of tax accountant to do this.

    How to file taxes without showing your strategy to you tax accountant ? It is not like a great strategy or anything but still would prefer to keep to basic information required for tax purposes. I use IB for trading and looked at the activity detail and they provide extensive info. I am not sure what documents to be used to file taxes for money from trade.

    Is there a way to do this ? How do you guys do it ?[/QUOTE]

    Nobody gives a damn including God and your broker.
     
    Overnight likes this.
  5. qlai

    qlai

    Let's say they do give a damn, how would they figure out why you did the things you did? Is it so obvious just by looking at executions? Can they replicate it next quarter by themselves? You do use some discretion, right?
     
  6. Overnight

    Overnight

    To answer the most basic question you have, you just show them your 1099B. No more, no less.
     
    MattZ likes this.
  7. zdreg

    zdreg

     
  8. vanzandt

    vanzandt

    Just file an extension and worry about it later.
    If you need a wash... donate a bunch of junk to a charity.
    No junk? Go to a thrift store and buy some.
    Then donate it again and get the receipt for 50X what you paid.

    (....huh? )

    lol... nevermind.
     
  9. Overnight

    Overnight

    I agree with the above. I'd post the F* the king video again here, but folks get it.
     
  10. speedo

    speedo

    My CPA is a smart guy and has been doing my taxes for years but he wouldn't have a clue how I do what I do
     
    #10     Sep 23, 2019
    MattZ, dealmaker and MKTrader like this.