How do day traders handle taxes on this forum? Since my broker, tradestation, sends the IRS a 1099 with cost, sales and profit why do I need to include a detailed schedule D for every trade? Can I just put the total cost, sale and profit on 1 line in the schedule D from all my trades and write "detail available on request"? Doesn't make sense to me since the 1099 the IRS gets from Tradestation directly has all the info already. In previous years I only had a few pages so it was no problem manually entering them but this year its over 2000 trades. There is no way I can enter those trades into any commercial software. Most commercial software will not allow the import of that many trades. Thanks
we discussed this topic (filing in one line) many times here..use search. bottom line-you can do this on your own risk. i file in one line for many years. i mail first and last 5 pages of my Sch D worksheet with an explanation letter.(basically saying-if you need all 500 or whatever pages with my trades-i can mail it to you,just let me know)
sure. like i said-you can do this,just keep in mind that IRS said very clearly- you should report all trades. and you have to be absolutely ready to provide everything if they say so,when filing in one line