TAX Info from TOS (Penson) missing all buys!

Discussion in 'Trading Software' started by JavaBen, Mar 20, 2011.

  1. Bob111

    Bob111

    i'm pretty certain that i have more transactions than you are... my schedule d is about 600+ pages and that's only one account. dunno how many trades...
    like i said before..i know,you must have all records and you actually must provide them to IRS(according to their website), but in reality it wouldn't make any sense..nobody would go thru 10000's of pages,filled with trades..that's why i report all of my trades in one line.
    short term- where the stock name goes- i put my brokerage firm name and word VARIOUS or VAR,date of purchase-01/01/2011,sale-12/31/2011. sale price-total proceeds from 1099B, basis cost(see my post above for one more time) : proceeds -PnL=basis.

    That's it. as it was suggested by fellow ET member for last couple years i also provide a cover letter along with first 5 and last 5 pages of my Schedule D for each account. letter is basically saying-if you need all trades-let me know,i will mail this useless box of paper with all trades to you.

    however...
    sometimes i have to go to my accountant simply because turbotax and tax cut would not allow me to put number >10M for single transaction,when i try to do it in one line(described above). that is-if the total proceeds on your 1099 is >10M-forget it..see accountant...

    if you don't understand this detailed explanation-then again-you should see a pro. but for $100-300 he will report all your trades exactly how i just described above...or you seriously believe that he will manually enter and match every trade?
     
    #11     Mar 20, 2011