I've been doing a bit of day trading, and have hundreds of transactions. I'm looking to simplify my tax reporting, and supposedly Turbo Tax Premier has extra features for managing stocks. 1) Any other day traders want to share their advice on how to handle things at tax time? 2) Anyone familiar with TradeMax Premier features along this line? Is it helpful and worth minor added cost? Thanks in advance for your input!
TRADEMAX premier is very stable, supports unlimited quantity of records. Its Daily Account Value chart report helps the users compare your current Account Value with other index(DowJones,S&P500) and analyze trade performance based on the detailed information on daily basis, while the Gains & Losses Pie reports give the users a total or summary information about the gains or losses of selected securities during a specific fiscal year or a set time period.
I used Tradelog for my Sched D. They offer a multi-tiered pricing schedule which is based on the number of trades you do per year. For the past 3 years it has handled everything flawlessly including 1000's of wash sale violations (I scale in and out of positions). The only tweaking I had to do was when there were mergers or symbol changes and one of the symbols had to be changed to enable pairing as well as mergers changed share numbers or if cash in lieu had to be accounted for. Do a search here on TRADELOG for a variety of opinions and info or hit their website. Also, check with your broker. Some offer similar products like GAINSKEEPER for free. Why pay if you don't have to?
InteractiveBrokers lets you download you the Schedule D in TXF format, which TurboTax can import. (Starting since 2008, I think) IB's download also includes wash sales. That' how I've done my taxes for the past 2 years and I didn't get audited, but my volume was relatively small (23 pages Schedule D) and IRS only audits 1% of tax returns anyway. So you may want to look at solutions like TradeLog or a CPA for more trades.