Regarding Tradelog, do you have to re-purchase a new version every year? If so then at $350 it's close to just hiring someone. I use TTax and import broker data from one account and Gainskeeper data from another.
Try Gainskeeper, I've used them many years and never had any issues. They can link to most brokers and download all of your transactions. Hope that helps. https://www.gainskeeper.com/us/HowGKWorksIndividual.aspx
Forget all the other advice you've gotten on this thread about hiring a CPA or Tax Lawyer. Lindq is exactly right. I've been doing this for years. The IRS doesn't care <b>how</b> it's reported as long as it's reported. Proceeds, basis, gain or loss, separated by long term and short term. If you go to a CPA he will likely file Form 8453 and check D-1 at the bottom of the form and mail it in. Either that or he will charge you about $1000 to prepare the return.
1) get the cd version of turbotax 2) if your broker is listed (most of them) it auto imports all the trades and cost basis, you done. 3)if not listed export the trades as a quicken txf file from your broker and import it to turbotax yourself. if your broker isn't listed and doesn't support txf export drop them they suck. 4)don't forget futures if you traded them under section 1256 contracts, they don't need to be listed just net cost basis and proceeds. turbo tax will figure out the 60/40 split for you this is the easy part, now try to do taxes as a landlord with multiple investment properties what a nightmare. I don't use retail tax accountants. I find most of them to be either semi retarded or just don't give a shit and do the bare minimum to cover their ass. After all it's a low job so the quality of people you get working them is expected, and i am not rich enough to hire the good ones from the private wealth mgr firms. also it's good to be familiar with the us tax code, it's 4hrs my life a year, can live with that
Please, could you give me the trading symbol of the company that makes these chips? I am way behind the times. I haven't even gotten my ocular implant yet!
I have filed as a trader for the last 11 years and have never gotten an inquiry from the IRS. My 1099s are typically hundreds of pages long. The first thing an IRS agent would do is dump that in the circular file if I sent them the whole monstrosity. Similar to the1, I send the summary page from each 1099 I receive and list the total proceeds on Schedule D as well. I send them an additional table with all my trading related deductions, i.e. software, data fees, section 179, etc. I'm usually all cash at the end of every day, so worrying about cost basis is a non issue for me. Your top line income should be the difference between what your broker(s) report for purchases vs sales proceeds. If those match, you should be good.
I can't believe people still ask these same question 20 yrs after the online explosion started. i've been doing 1 line accounting for 20 yrs and never a question. total sales minus total cost equals your profit or lose.my 1099 in 2010 was 8132 pages with $5 bil of sales. the irs would have a heart attack if i send paper copies in