New 2011 1099B tax reporting

Discussion in 'Taxes and Accounting' started by lwlee, Dec 24, 2011.

  1. lwlee

    lwlee

    For equities daytraders, does the new 1099B format make it easier for tax reporting? As I understand it, brokers will now report the cost-basis for transactions, rather than just the sales proceeds. So traders with thousands of transactions will no longer need separate software, like Tradelog, to generate logs of their trades.
     
  2. reddy09

    reddy09

    I'm interested in this as well....will definitely make our lives easier!
     
  3. I have thousands of trades per year and I use Tradelog. I'd like save the annual fee. But I'm not so sure that one can do w/o it (or similar) if one has wash sales that carry over at year end. The only way to avoid that problem is to close all loss positions and avoid for a month or apply for MTM trader status.
     
  4. Bob111

    Bob111

    it is. make it harder to cheat for some folks too.