Folks, This was my first year as a more active trader (about 1000-1200 trades in the year). My broker was IB (and first few months it was Zecco). I am trying to figure out what the best way for filing taxes would be. I primarly do equities, options and futures (/ES), no forex. Any advise would be great. I looked up a few schedule D preparation softwares -- ranging from 30$ to 250$ -- is using them the best way to go? Or do you import your transactions directly into Turbotax and let turbotax do wash sale calculations?
Folks, Any advise/pointers would greatly help. I am trying to go through all the relevant threads here and gathering information. Am sure lot of guys here probably use IB and perhaps over the years figured out what's the best way to handle Futures/equities/options trades. I do read TradeLog software being mentioned a lot, but it's 300$ for a year (unlimited trades). EVEN if I get that software .. would I have to use Turbotax to attach the Sched D from TradeLog and take care of my W2, 1099-DIV and Interest forms? Are there any cheaper softwares but funtionally equivalent softwares out there? Please advise...
I'm a Tradelog user. It has made my life a lot easier. Here's my story from last year: http://www.elitetrader.com/vb/showthread.php?s=&postid=2295678&highlight=tradelog#post2295678
Hey spindr0, yes I did notice that quite a few folks use TradeLog but I find it way too expensive at 297$ for a year -- and it is to be repurchased every year. I was hoping to find cheaper solutions than that. Also, you use TradeLog to spit out Sched-D? If yes, then do you use Turbotax to attach this sched D to? Or do you use Tradelog to spit out the TXF file format transactions?
10 times every year..same question...here is how i report my stocks trades- assuming we are talking about short term gains-take your proceeds,subtract your PnL-you got the basis cost. put those 3 numbers in your tax report-done
This is unrelated to the OP's question. But I can easily copy ALL my trades/transaction records from Questrade and paste them in to an Excel spreadsheet, and calculate the "SUM" of P/L, mine of course turned out -$$$$, so I don't owe any taxes to the Canadian government for 2009.
It's pretty obvious these redundant monkeys that never heard of SEARCH is giving you an ulcer here, may I suggest you delete the bookmark!
I am sorry I can't stoop so low to understand why you'd call out names for a simple question I asked. Oh wait, perhaps you are blind coz I did say I am trying to dig out related posts but wanted cheaper options than Tradelog -- which I saw was most often recommended. To top that, I wanted to know how folks proceed after getting a Sched-D with futures, options, wash sales etc from IB.
If you read my post, I was not responding to you, I guess reading comprehension was not your forte in grade school? You fit in quite well here with the other keyboard monkeys.
You were not responding to me but you did comment about "redundant monkeys who never heard of search" or whatever crap. Off you go smart*ss, if you can't contribute/help .. don't mind logging in here and bad-mouthing.