Schedule D?

Discussion in 'Professional Trading' started by interdigital, Nov 26, 2007.

  1. How do you guys deal with the Schedule D at tax time?

    Do you actually write in all your trades by hand?

    Or do you have some way of generating a Schedule D?
  2. bunch of threads on this. couple of companies do this for a small fee, and generate you D for you. No sweados.

    Hey, Baron. Good source of rev if you could get some of these guys to advertise here. I see you're up some 10,000 members in a short period of time., and alot of those guys/girls will have the same questions.
  3. no, I just send them the total sells, total buys, and the total sum

    could look something like this:
    Description of Property: 821,400 shares Daytrade
    Date Aquired: 01/01/07
    Date Sold: 12/26/07
    Sales Price: $35,267,623.37 (includes shorts)
    Cost: $35,244,238.17
    Gain: $23,385.20
  4. I gave my tax man my password, he swore at me in polish and bought some software to make his life easier, frankly I didn't want to hear about it. Where do I sign and what do I owe ya? Nice guy.
  5. This doesn't wash (tax return humor). You have to account for all trades. It'll be a real pain in the ass if they come at you in two years..I use these guys:

    I'm sure there are several others, but we subscribe for a year. They go into your clearing firm and download both sides, buy and sell. Youll have to put in a few things by hand. Other than that, they'll generate a D for you. End of story.
  6. IRS has all the info before you send it to them, all they care about is the amount you pay them, if it is equal to or greater than the amount they have in their book, they could care less how you filled the form

    IB generates the schedule D, you can just print it and send it with your documents, but I don't bother with that, IRS doesn't want a 200 page form, they just want the check, and if they ever ask for it, just log into my IB account and print it out for them, so they can go stick it in their eyeball
  7. EricP


    I agree. I do mine the same way that you do (one line summaries).

    If they want more detail, it can be provided on request. I'm just surpassing 700,000 transactions year-to-date, and would be more than willing to have them go through them, line by line, if they'd find this useful.
  8. i agree with eric p. i'm over 1 million trades year to date and in 10 years i've always done 1 line and never ever 1 word about it. as i've paid them huge tax i guess they don't care. I ASSURE YOU NOBODY ON EARTH WANTS 6000 PAGE SCH D'S ALSO THE 1 LINE METHOD IS THE MOST ACCURATE PERIOD. WITH 1000'S OF PAGES YOU CAN HAVE TONS OF MISTAKES FROM THE CLEARING HOUSE WITH ANYTHING FROM WRONG TRADES TO BAD FILL TRADES THEY
  9. Best if you use Gainskeeper. Also, some Brokerages allow downloading onto tax software.
    Just listing your total proceeds and cost without a breakdown is asking for an audit.

    #10     Dec 19, 2007