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Non-Tech : Interactive Brokers / Timberhill

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From: rllee	11/2/2012 3:33:24 PM
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Question on Profession Trader status for Tax purposes and accounting of trades - In the past year I have been very active on trading options using combine strategies like spreads and iron condors, etc. Each transaction involves 2 to 4 option legs. Is each leg counted as a trade for tax purposes? If so, my total trades are well over several hundred. Could this high trading frequency qualify as professional trader status for income tax reporting? Also I have been using turbotax to reconcile all of my trades in previous years, but I have found turbotax requires many manual corrections to general cap gains and losses for options and short trades. Has anyone here use Gainskeeper in conjunction with IB trades reporting data and is it much easier than turbotax? Is there better software than turbotax or gainskeeper for reporting yearly trading results? Any comments are appreciated.

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